A wonder bank in Calabar has allegedly defrauded unsuspecting customers to the tune of N27 billion, after the operators bolted with their deposits in Cross River State. The bank, operating under the name Micheno Multipurpose Cooperative Society, MMCS, reportedly succeeded in defrauding over 13,000 people who trusted them with their money. The scheme owned and operated by one Michael Eke, had promised depositors of N100,000 an additional N50,000 at the end of 40 days, and those who deposit N150,000 would get N300,000 at the same period, Vanguard reports. A deposit of N1 million would earn a N500,000 profit at the end of the same period while deposits above N1 million would be calculated in N1 million units. The scheme berthed in Calabar in June 2018 had been attracting patronage from Cross River state residents. Some of the depositors parted with their life savings and others deposited their gratuities, which run into millions, with the hope of reaping bountifully at the end of 40 days....
