The Economic and Financial Crimes Commission (EFCC), Sokoto Zonal office, has arrested Benson Kufre John, Iraboh Joseph Eseosa and one other over Ponzi scheme, following their alleged involvement in defrauding members of the public to the tune of N3 billion within six months.
Addressing journalists over the matter, the EFCC Zonal Head in charge of Sokoto, Kebbi and Zamfara States, Usman Bawa Kaltungo, said the breakthrough was as a result of nine months investigation.
According to him, the fraudsters used one Sunday Markus to open an account with the name Annexation Business Concept which they use to defraud the victims.
Kaltungo further disclosed that investigation revealed that the operation of the account is at variance with the stipulated objectives of the company which is “General Merchandise/ General Contract”.
Stressing that the EFCC received a complaint from UBA Plc about the said account which had a turnover of about three billion, five hundred and fifty five million, three hundred seventy two thousand, six hundred and fifty four naira, forty three Kobo (N3,525,372,654,43) within six months.
Warning members of the public against being lured by mouth watering returns on investment online advertorials that is too good to be true, Kaltungo said some of the fraudsters even went ahead to register companies solely for such dubious activities.
He said, “It is worthy to also note that, the suspected fraudsters deceived their victims and made them believed that the funds would be used to trade in forex, Cryptocurrency and many others. However, they were robbing Peter to pay Paul, instead. A typical Ponzi scheme.
“In the same vein, in order to attract more investors, the suspects paid the first set of investors by robbing Peter to pay Paul and this created a surge in the number of people that put in their hard- earned money, which they later diverted to their personal use”.
Kaltungo also stated that the fraudsters have accounts with GTB, Zenith Bank, and a Parkway Ready Cash Account. He further added EFCC has secured an interim forfeiture order in respect of about 17 properties belonging to the said Annexation Business Concept.
