By Ankeli Emmanuel (Sokoto)
Operatives of the Economic and Financial Crimes Commission (EFCC) Sokoto Zonal office have arrested Benson Kufre John, Iraboh Joseph Eseosa, and one other, over Ponzi scheme where they were alleged to have been defrauding unsuspecting members of the public to the tune of three billion nairas within six months.
Addressing newsmen on this development, the EFCC Zonal Head in charge of Sokoto, Kebbi, and Zamfara States, Usman Bawa Katungun, said the breakthrough was a result of 9 months painstaking investigation.
He noted that these fraudsters used one Sunday Markus to open an account with the name Annexation Business Concept, which they used to defraud victims.
According to Usman Katungun, their investigation revealed that the operation of the account is at variance with the stipulated objectives of the company which is "General Merchandise/ General Contract".
While stressing that they received a complaint from UBA plc about the said account which had a turn over of about three billion, five hundred and fifty-five million, three hundred seventy-two thousand, six hundred and fifty-four naira, forty-three Kobo (#3,525,372,654,43) within six months.
Warning members of the public against being lured by mouth-watering returns on investment online advertorials that are too good to be true, Usman Katungun said some of these fraudsters even go ahead to register companies solely for such dubious activities.
Said Usman Katungun, "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, etcetera. 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 for their personal use".
Usman Bawa Katungun also noted that these fraudsters also have accounts with GTB, Zenith Bank, and a Parkway Ready Cash Account. He further added that the EFCC had obtained an interim forfeiture order in respect of about 17 properties belonging to the said Annexation Business Concept.NNL.
