The Economic and Financial Crimes Commission (EFCC), Sokoto State Zonal Office, has arrested three suspects over alleged N3.5 billion online investment fraud.
EFCC Head in Sokoto State, Mr. Bawa Kaltungo made the disclosure while addressing newsmen on the achievements of the Zone on Thursday in Sokoto.
Kaltungo said the Zonal office received a complaint from UBA, which centred on an account in the name of Annexation Business Concept, opened by one of the suspects.
“The account had a turnover of over N3.5 billion within a period of six months.
“In the course of investigation, we discovered that the operation of the account was at variance with the stipulated objectives of the company, which stated general merchandise and contracts.
“The suspects purposely opened the account with intent to defraud unsuspecting members of the public in the name of investment.
“Our investigation further revealed other accounts in GT Bank, Zenith Bank and a Parkway Ready Cash account,” he said.
Kaltungo said that the accounts were opened by the principal suspect, but operated by two other suspects.
According to him, the investment is a pyramid ponzi scheme promising members of the public high and unrealistic returns.
“It is worthy to also note that the suspected fraudsters deceived their victims and made them believe that the funds would be used to trade in forex, cryptocurrency among others.
“However, after a painstaking investigation spanning nine months, we were able to make a breakthrough by arresting three suspects while the others are at large,” Kaltungo said.
The official stated that in addition to the arrest, the commission recovered some money and properties ranging from exotic cars, palatial residential buildings in choice areas of Lekki in Lagos, Port Harcourt and Calabar worth N354.8 million.
Kaltungo warned the public to be wary of those who present their business or investment proposal that will yield high and unbelievable returns within minutes.
He said the EFCC, under the leadership of its Executive Chairman, Abdulrasheed Bawa, would continue to checkmate the activities of men of the underworld, to sanitise the economic environment.