Another Popular Ponzi Scheme Shut Down as FG Arrests the Masterminds…See Details

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In an official statement released on Sunday in Abuja, the Securities and Exchange Commission (SEC) says it has sealed up the premises of a Ponzi scheme to end unlawful activities of the company against unsuspecting investors.

Securities and Exchange Commission (SEC) says it has sealed up the premises of Yuan Dong (YDEC) for unacceptable investment operations in the country.

The Head, Corporate Communication of SEC, Mr Naif Abdussalam, in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors.

“Investments in the scheme range from a minimum deposit of N10,000 to a maximum deposit of N240,000.

“The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis.

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