EFCC identifies 5 Ponzi Scheme Operators in Nigeria, Set to Effect Arrest soon
- Nigeria's anti-graft agency, the Economic and Financial Commission (EFCC) has said that it will begin to crack down on the Ponzi scheme
- A source in the agency said that the operators have been identified and would soon be arrested and prosecuted
- A serial Ponzi scheme operator, Umanah Umanah was arraigned and convicted in Akwa Ibom state for defrauding victims of over N2 billion
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The anti-corruption agency, the Economic and Financial Crimes Commission (EFCC) said it is set to arrest five Ponzi scheme operators across Nigeria in the next couple of weeks.
According to Nairametrics, a source in the anti-corruption agency said this. The source, however, declined the further statement on the names of the schemes and their operators.
Source: UGC
EFCC secures conviction of a serial Ponzi scheme operator
The affected companies are among the ones some financial analysts have warned investors on social media to avoid.
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Information obtained from the EFCC said the ant-graft agency is coming for the operators in a matter of a few weeks and many of them operate mostly in Lagos but live outside it.
The EFCC source said the operators have scammed Nigerians billions of naira while promising them mouthwatering return on investment leading to the loss of lives of their victims.
The Punch reports that the EFCC, on March 8, 2022, secured a conviction and sentencing of a known serial Ponzi scheme operator, Umanah Umanah before Justice Agatha Okeke of the Federal High Court in Uyo, Akwa Ibom State.
Umanah was arrested in 2020 by EFCC operatives after some victims petitioned the agency, who alleged that Umanah scammed them of about N2.9 billion and subsequently issued him a dud cheque of N500,000.
In the course of the investigation, the EFCC found out that Umanah lured his victims through fake promises of a return on investment of about 50 per cent in seven days through his firm, No Burn Global Limited which has branches in several states in the country.
Umanah was arraigned on October 6, 2020, on a two-count charge of issuing a dud cheque, forgery and alteration, offences contravening the provisions of Section 1 (2)(C) of the Miscellaneous Offences Act Cap M17 of the laws of Nigeria.
Revised Edition (Laws of the Federation of Nigeria) and punishable under Section 1 (2) of the same Act.
Couple and son arrested for fraud
In Lagos, the EFCC arrested a couple for defrauding gullible victims in the N935 million Ponzi scheme that they operated with their son.
The suspects, Emmanuel and Victoria Jaiyeoba were arrested at their Ibadan residence in Oyo state.
FIRS official who fraudulently received over N300 million in travel allowance gives up N104m property to court
Legit.ng has reported that Nigeria’s anti-corruption agency, the Economic and Financial Commission (EFCC), has obtained an interim forfeiture of two properties worth about N104 million to court which belongs to Aminu Sidi Garunbaba who is a staff of the Federal Inland Revenue.
The EFCC, through its lawyer, Ekele Iheanacho brought an application in accordance with Section 17 of the Advance Fee Fraud and other Fraud Related Offences Act of 2006.
The presiding judge, Justice Obiora Egwuatu of the Federal High Court, Abuja division granted the order on Wednesday, February 16, 2022, as he ruled on the application.
Source: Legit.ng
