N128m ponzi scam: EFCC officials nab man who swindled Ibadan investors


File: EFCC officials at a crime scene

Despite that many were victims of pyramidal or ponzi schemes in the past like MMM, many Nigerians still fall for the bait with regrettable consequences. That was the case of many Ibadan residents who deposited a total of N128millon to the vault of a 43-year old man who promised them mouth watering returns of 30 percent. Before they could say “profit”, their money had evaporated in a puff.

Hoodwinked, the people fired petitions to the Economic and Financial Crimes Commission (EFCC) which swung into action immediately. Its Ibadan Zonal Office was able to corner the fraudster like a rat and put him in the net.

This was revealed in a statement signed by EFCC’s spokesperson, Wilson Uwujaren on Friday, in Ibadan. EFCC revealed that the suspect had used his company DHIL Nigeria Limited, otherwise known as Crime Alert Security Network Investment, to cheat the people.

To make the business authentic, the scammer used some radio stations to push the scheme on a weekly basis.
Uwugiaren added: “The victims alleged that after investing their monies, they neither received the promised interest nor got a refund of their capital investment.
“It was discovered that DHIL Nigeria Limited, the vehicle used by the suspect to scam his victims, was also not registered with the Central Bank of Nigeria, as a financial institution,” he said.

The EFCC spokesman said that five “exotic cars, three landed properties and other incriminating documents were recovered from the suspect who, he said, would be charged to court as soon as investigations were concluded.”