EFCC arrests bizman over N128m Ponzi scheme
The Economic and Financial Crimes Commission, EFCC, has arrested a 43-year-old Ibadan-based businessman, Amos Olugbenga Olaniyan, over a N128 million Ponzi Scheme.
Olaniyan was arrested as a result of series of petitions by victims, EFCC spokesman, Wilson Uwujaren, said.
According to the petitioners the suspect through his company, DHIL Nigeria Limited, infamously called Crime Alert Security Network Investment, persuaded them to invest in a network scheme which offered a monthly 30% returns on investment.
According to some of the victims, they were persuaded to invest after listening to the suspect’s weekly radio programme.
However, after investing their monies they neither received the promised interest nor got a refund of their capital since 2020.
In the course of investigation, the EFCC discovered that the suspect operated a classic Ponzi scheme and had defrauded hundreds of people, some of whom reported orally to the Commission.
According to the commission, petitions are still pouring in on daily basis from his alleged victims.
It was discovered that the suspect’s company, DHIL Nigeria Limited, was not registered with the Central Bank of Nigeria as a financial institution.
Five cars, three landed properties and other incriminating documents were recovered from the suspect.
He will be charged to court as soon as the investigation is concluded.
