(Business in Cameroon) - On April 24, 2018, the Cameroonian communication minister Issa Tchiroma informed that an important volume of cash and documents has been seized during a raid carried by a joint police team on the headquarters of MIDA (which has been closed and the leaders arrested).

The official informed that they required the assistance of a bank operating in Yaoundé to count all those money. However, they are not done because there is an important volume of low denomination bank notes.  He further promised that once the bank is done, the government would announce the exact amount.

In the statement, Issa Tchiroma restated the government’s promise to ensure that every victim is paid their money. In that regard, a commission has been created and it is lead by the governor of the central region. This commission will work with the MIDA to identify and refund those victims.

Let’s remind that MIDA is accused of having set a Ponzi scheme promising huge ROI within less than a month. For instance, those who invested CFA12,500 were promised CFA70,000. According to the minister, in violation of all the laws in force, they raised billions from the unsuspecting population.

S.A