- HO Corn CEO. Harrison Osemwengie has been declared wanted by interpol for investment fraud involving multimillion naira
- Osemwengie promised investors about 50 per cent return on investment during his media tour in February last year
- Investigations revealed that the firm's claims were hollow as investors waited in vain for the ROI to be paid
The CEO of HO Corn, Harrison Osemwengie, has been declared wanted by the International Police (Interpol) over multimillion naira investment fraud.
This type of warrant of arrest is issued from the Central Crimes Registry.
A statement by Interpol reads:
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“A warrant of arrest has been issued by the chief magistrate court Lagos. He is wanted by the police for the offence of obtaining money under false pretence and investment fraud and threat to life,” the special police bulletin said.
The fraudulent entrepreneur was on a media blitz in February last year where he spoke about his company’s 50 per cent return on investment (ROI) after 6 months of investment any investors willing to stake their bets.
Spurred by media blitz that produced no results
His media campaign spurred people to take the bite and invested in droves. Numerous reports stated that investors were urged to invest in the digital farm thereafter. There was no sign that the promised ROI was paid.
According to FIJ, which spoke with some investors, they declared optimism in the investment and said they do not see how Osemwengie can default on his promise.
According to them, the now-at-large CEO told them that the investment is insured against any disaster.
Phoney farms that never existed were used to convince investors
In the report, it was stated that Osemwengie’s firm would collate photographs of phoney farms and send them to investors in a bid to convince them to stake their investment.
By July last year, investors grew worried and began complaining about non-payment of the ROS, which raised questions about the firm’s viability.
According to FIJ, the firm issued a press release, saying the pandemic and lockdowns were responsible for the delay in payment and promised to pay by August.
According to FIJ’s independent investigation, the company fled its third-floor office at Africa Reinsurance House Building in Victoria Island, without prior information to the investors.
Despite mentioning that the company had 30,000 acres of farmland in Ofiki, near Iseyin in Oyo, it was established in December 2020 by curious investors that the land being used as a cornfield by the company was not as big as claimed.
Ex-head of operations at a Nigerian bank jailed for fraud
Legit.ng has reported that a former head of operations, Union Bank Plc, Head Office, Marina, Lagos, Paul Onwughalu, has been sent to jail by Justice S.S. Ogunsanya of the Lagos state high court sitting in Igbosere, Premium Times reports.
The conviction follows the arraigning of Onwughalu by the Economic and Financial Crimes Commission (EFCC) on a four-count charge bordering on failure to conduct due diligence in financial transactions.
Legit.ng gathers that Onwughalu was arraigned by the anti-graft agency on February 24, 2014.