Operatives of the Sokoto Zonal Office of the Economic and Financial Crimes Commission have arrested three persons in connection with N3.5billion Ponzi scheme in Sokoto.
The suspects Benson Kufre John, Joseph Iraboh Eseosa and Sunday Marcus, who were earlier declared wanted by the Commission for allegedly defrauding unsuspecting people.
The Commission first got wind of the alleged criminal activities of the trio on October 28, 2020 following a complaint from UBA Plc, regarding the operation of an account, Annexation Business Concept opened by one Sunday Marcus.
It was discovered by the Commission that the account had a turnover of Three Billion, Five Hundred and Twenty-five Million Three Hundred and Seventy-two Thousand, Six Hundred and Fifty four Naira, Forty-three Kobo (N3, 525, 372, 654.43) within a period of six months (February to August 2020).
In the course of investigation, the EFCC discovered that the suspects specifically opened the account as a vehicle to defraud unsuspecting members of the public by enticing them with mouth-watering “returns on investment” as high as 30%, 60% and 200% depending on the duration of the investment.
So far, investigation has established Benson Kufre John and Iraboh Joseph Eseosa, as the mastermind of the Scheme, who procured one Sunday Marcus to register the company with the Corporate Affairs Commission (CAC) and opened the UBA Bank Account using fictitious addresses and unregistered phone number.
Investigation further revealed that Marcus opened other accounts in GTB, Zenith Bank and Parkway Ready Cash operated by Benson Kufre and Joseph Iraboh.
Monies and property ranging from exotic cars, residential buildings in choice areas of Lekki in Lagos, Port Harcourt, Akwa Ibom, Benin in Edo State and Kebbi State worth about N300,000,000.00 (Three Hundred Million Naira) have been recovered from the suspects.
They will be charged to court as soon as investigation is concluded.