MMM Crash: School cashier in Police net over N1.8m

By Alex Olise

A school cashier who secretly withdrew N1.8m belonging to his school and lodged it in a Russian Ponzi schemes has been arrested by the police in Lagos.

The suspect, (name withheld) was said to work as a cashier with a Catholic Church school in Akunwonjo area of Lagos.

He was said to have approached his employer’s new generation bank and obtained the money purportedly met for November teacher’s salary.

It was gathered that his intention was to quickly invest it in the high interest yielding ponzi scheme and make huge profit before it crashed in December 2016.

A source hinted National Daily that barely two weeks that the cashier invested the money than the scheme parked up.

National Daily also gathered that the suspect had connived with a staff of the new generation bank in Akunwonjo area of the state who released the fund for him to pay back in two weeks.

But unfortunately, the popular online business crashed mid-December with no tangible reason.

Many Nigerians lost huge sums of money in the internet transaction just as some people were said to have gained so much from the business.

Our source further disclosed that the suspect was arrested on the order of the school authority at the weekend including the bank staff and are being investigated to know their role in the deal.