EFCC arrests man over N343.8m investment fraud

The Economic and Financial Crimes Commission (EFCC) Ibadan zonal office has arrested one Ayodele Saheed Olaniyi for allegedly swindling investors of over N343,880,000.

EFCC spokesman, Tony Orilade in a statement on Thursday said that Olaniyi defrauded 89 persons collecting money from them at various times which summed up to N343,880,000.

Orilade added, “The proceed 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 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.

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“It was also 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; he was, however, 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.”

EFCC said that Olaniyi would be arraigned before a court of competent jurisdiction after completion of investigation.

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