The Economic and Financial Crimes Commission (EFCC) has arrested three men for alleged N3.5million fraud in Sokoto State.
The EFCC Head of Media and Publicity, Wilson Uwujaren, who disclosed this in a statement sent to Ripples Nigeria on Thursday, said the three men -Benson Kufre John, Joseph Iraboh Eseosa, and Sunday Marcus, had earlier been declared wanted by the commission for allegedly defrauding unsuspecting people in a N3.5billion Ponzi scheme.
He said the EFCC first got wind of the suspects’ criminal activities on October 28, 2020 following a complaint from UBA Plc on the operation of an account, Annexation Business Concept, opened by Marcus.
“Uwujaren said: “The commission discovered that the account had a turnover of N3, 525, 372, 654.43 within a period of six months (February to August 2020).
“In the course of the 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 percent, 60 percent, and 200 percent depending on the duration of the investment.
“So far, the investigation has established Benson Kufre John and Iraboh Joseph Eseosa, as the mastermind of the scheme. They procured 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 million had been recovered from the suspects.
“They will be charged to court as soon as investigation is concluded.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...
INVESTIGATION… LIVES ON THE LINE (II): Alex Ogbu was telling a story but became the story
This four-part series investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020....
SPECIAL REPORT… TELECOMS BLACKOUT: Nigeria’s latest tactic against banditry grounds businesses, forcing residents beyond borders
The fight against notorious bandits raining terror and kidnapping students in Northwest Nigeria took a new dimension in September as...