EFCC detains company’s CEO over N128m ponzi scam

The Economic and Financial Crimes Commission, EFCC, has arrested 43-year-old Amos Olugbenga Olaniyan for allegedly defrauding unsuspecting investors to the tune of  N128 million under a fraudulent scheme, which was neither registered with any financial institution in Nigeria.

The 43-year-old man, according to the EFCC, was arrest following series of petitions by victims, who complained to the anti-graft agency that the suspect used his company known as DHIL Nigeria Limited alias ‘Crime Alert Security Network Investment’ to persuade them to invest in a network scheme which he promised to pay 30 percent returns on investment.

Some of the victims told the EFCC that they were convinced to put their hard-earned cash into the scheme after listening to the suspect’s weekly radio programme.

The victims lamented that after investing their monies they neither received the promised 30 percent interest nor got a refund of their capital since 2020 and they had to report to the EFCC as a last resort after getting no information from the suspicious firm.

Exasperated, they petitioned the EFCC.  The EFCC said in a statement by its Spokesman, Wilson Uwujaren and made available to Vanguard on Friday in Abuja that it found out that the  suspect operated a classic Ponzi scheme and defrauded hundreds of unsuspecting persons.

“Indeed, petitions are still pouring into the commission on a daily basis from his alleged victims,” the statement said.

“Furthermore, it was discovered that DHIL Nigeria Limited, the vehicle used by Amos to scam his victims, was not registered with the Central Bank of Nigeria as a financial institution.

“Five exotic cars, three landed properties and other incriminating documents were recovered from the suspect.

“He will be charged to court as soon as the investigation is concluded.” Wilson said in the statement.

Vanguard