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EFCC arrests three men for alleged N3.5bn fraud in Ponzi scheme



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).

READ ALSO: EFCC arrests ‘notorious ponzi operator’ in Uyo

“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.”

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