Nigeria: Wonder Bank Scam - EFCC Gets More Convictions

De Master Yoda

Wonder Bank Scam - EFCC Gets More Convictions

12 September 2008
Posted to the web 12 September 2008
Lilian Agih

A Kano State High court presided over by Justice Nuhu Galadanchi has sentenced three men, Akinbode Olusegun Seun, Amure Iliasu Ademola and Obajobi Wale to a seven-year imprisonment each respectively for fraudulently obtaining more than N11 millon from members of the public through their fake company, Delad Ventures.

The three fraudsters were arrested some three months ago by operatives of the Economic and Financial Crimes Commission (EFCC) following a deluge of petitions written by over 500 aggrieved victims of Delad Ventures who were given false hopes of a 100% return on investment within a four-week period.

"After a thorough and prompt investigation by the EFCC, it was revealed that the company was not registered with the Corporate Affairs Commission or licensed by the Central Bank of Nigeria (CBN) and SEC to engage in foreign exchange transactions as claimed," the Head of Media and Publicity of the commission, Mr. Femi Babafemi, stated yesterday.

"They had told their gullible victims that their business engagements included FOREX Trading, Stock Trading, E- gold, etc and had instantly attracted several clienteles who later found out that the claims were spurious.

"Further investigation revealed that over N6 million of the stolen funds were lodged in several bank accounts belonging to the three men. Additionally, over N1.7 million cash was retrieved from the convicts the day they were arrested," he said.

The sum of N8, 721,760.72 and $1,530.00 USD have been recovered and paid back to the investors in ratio that equals the invested funds by each of them. The recent conviction was one of several such cases being investigated by the EFCC

The commission had over the years warned members of the public on the dangers of investing their hard-earned monies on such dubious investment companies which promise over 100% returns within a short period of time.