Sunday, May 16, 2021

EFCC nabs man for alleged N343m investment scam


tiamin rice

The Economic and Financial Crimes Commission, EFCC, Ibadan Zonal Office, has arrested one Ayodele Olaniyi for allegedly defrauding unsuspecting investors of N343 million.

EFCC spokesman, Tony Orilade, made this known in a statement in Abuja on Thursday.

He said that Mr Olaniyi’s arrest followed a petition to the EFCC in February, which was investigated by its operatives.

“The petitioner had alleged that Olaniyi duped 89 persons, collecting money from them at various times amounting to N343,880,000.

“Olaniyi was said to have persuaded his victims into investing in a network structure called “Beerbanc Traders’ Network.”

“The network involves participants pooling resources to establish a beer retailing business,” he said.

According to Mr Orilade, the proceed is 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.

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“Investigations into the petition reveals 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,” he said.

He said that after taking Mr Olaniyi’s statement and conducting a search on his house and business address at Oluyole, Ibadan, he was granted administrative bail.

“He was unable to meet the terms of the bail.

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“However, having realised that it was game up, and that there was a 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 grounds,” he said.

Mr Orilade said that a medical laboratory test conducted on him established that he was not infected as he claimed.

“He will soon be charged to court,” he added.


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