Nigeria: EFCC arrests man who duped 96 people of N343.8m through investment scam
London, March 29, 2019 (AltAfrica)-The Economic and Financial Crimes Commission, EFCC, Ibadan zonal office has arrested One Ayodele Saheed Olaniyi, who duped people of about N343,880 million through investment scam is now cooling his feats in the Economic and Financial Crimes Commission, EFCC cell.
Olaniyi’s arrest followed a petition to the EFCC in February. In the petition it was alleged that Olaniyi duped 89 persons collecting money from them at various times amounting to N343,880,000.
Olaniyi was said to have persuaded his victims into investing in a network structure called “Beerbanc Traders’ Network”, in which the participants would pool resources together to establish a beer retailing business.
The proceed, he told the unsuspecting victims was expected to be shared every month among the investors and the purported coordinating company.
But rather than bring succour, Olaniyi accentuated their frustration as they neither received a dime as profit on their investment since October 2018, nor did they get their invested money back.
Investigations by EFCC operatives into the petition revealed that the suspect was operating eight different accounts through which he enlisted 114 people into the phoney scheme.
It was also established that a sum of N396.5 million found in the accounts were never invested in any business.
The operatives further established that the company under which Olaniyi was operating the business was not registered with the Central Bank of Nigeria as a financial institution.
After taking his statement and conducting a search on his house and business address at Oluyole, Ibadan, he was granted administrative bail, but he was unable to meet the terms.
However, having realised that it was game up, and that there was likelihood of him facing the consequence of his actions, Olaniyi tried playing a smart one on the Commission, as he feigned illness.
He claimed to be suffering from Hepatitis B in a bid to secure his release on health ground.
However, a medical laboratory test conducted on him established that he was not infected as he claimed.
Confirming the scam and arrest of the fraudster, Tony Orilade, the EFCC Spokesperson said the suspect will soon be charged to court.