The operative of the Sokoto Zonal office of Economic and Financial Crime Commission (EFCC), Sokoto zonal office have arrested 3 for allegedly involving themselves in a Ponzi scheme to defraud members of the public.
Addressing newsmen in a press conference on Thursday, the zonal head of the commission, Bawa Usman Kaltungo said the commission received a complaint from United Bank For Africa (UBA ) on 28, October, 2020 on an account in the name of annexation Business Concept opened by one Sunday Markus.
He further disclosed that the account had a turnover of N3.525,372, 654.43 within a period of six months.
He added that after thorough investigation for over nine months by his office, they discovered that the operation of the account was variance with the stipulated objectives of the company, which stated “General Merchandise/General Contract.”
He stated that the suspects lured the unsuspecting public with mouth-watering returns on investment that is too good to be good.
Katungo said upon investigation into the company’s activities it was discovered that the leading architect of the Ponzi scheme is Benson Kurfe John and Iraboh Joseph Eseosa stressing that the duo procured Sunday Markus to register with corporate affairs commission and opened the Bank Account using fictitious addresses and unregistered phone number.
The Sokoto zonal office head further revealed other accounts in Guarantee Trust Bank GTB, Zenith Bank, and a Parkway Ready cash account were equally opened by Sunday Markus but operated by Benson Kurfe and Joseph Iraboh.
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He said the investigation also discovered that Benson Kurfe and Joseph Iraboh are the initiators and operators of the fraudulent double interest investment Ponzi scheme called annexation Biz Concept, however, the suspects decided to hide their identities and used that of Sunday Markus to register the company from CAC.
He noted that the Annexation Business Concept, no doubt is a pyramid Ponzi investment scheme promising members of the public a high and unrealistic return on investment (ROI) of 30, 60 and 200 per cent to investors.
He added that the suspected fraudsters deceived their victims and made them believed that the funds would be used to trade in forex, crypto currency.
He said the suspects used the proceed to acquire properties, cars worth millions of naira and fat bank accounts.
Some of the properties seized from them include landed properties scattered in some parts of the country amounted to about N282m including cars among others.
He warned the general public of getting rich quick syndrome and greediness so that they will fall victims to the fraudster.
(Punch)
