The Economic and Financial Crime Commission EFCC, Sokoto zonal office has arrested three suspected fraudsters in a Ponzi scheme that have generated over three point five billion naira within the period of six months by defrauding unsuspecting members of the public.
The EFCC says the arrest was made possible after a nine month painstaking investigation.
Addressing journalists at the zonal headquarters , EFCC zonal head, Bawa Usman Kaltungo says the EFCC Zonal office received a complaint from a commercial Bank on suspicious transactions on an account of Annexation Business Concept opened by Sunday Markus.
He says the account had a turnover of three billion, five hundred and fifty five million three hundred and seventy two thousand, six hundred and fifty four naira forty three Kobo within a period of six months.
According to him, the suspects lured unsuspecting members of the public with mouthwatering returns on investment to put their money in an investment capable of generating returns within a short period of time.
The EFCC says investigation by their personnel revealed that the suspects are involved in a Ponzi scheme with a fictitious addresses and unregistered phone numbers.
The EFCC zonal head says, further investigation revealed that Benson Kufre John and Irabor Joseph are the initiators and operators of the fraudulent double interest investment Ponzi scheme called Annexation Biz Concept.
The Financial Crime Commission recovered some money and property ranging from exotic cars, palatial residential buildings in choice areas, of Lekki in Lagos, Port Harcourt and Calabar.
According to Mr. Kaltungo the recovered property and cash in bank is worth over three hundred million naira.
He says the suspects were granted bail and will soon have their days in court.
He says the commission has carried out painstaking investigation and will ensure the prosecution will be done with due diligences to ensure the suspects are punished according to the measures of their offences
He advised members of the public to always verified and do due diligence before investing their money to avoid falling victims of such fraudulent persons parading themselves as investors and dealers in crepto currency and other online platforms.