A 43-year-old Ibadan-based businessman Amos Olugbenga Olaniyan has been arrested by the EFCC over a N128 million Ponzi Scheme.
He was arrested following series of petitions by victims, said EFCC spokesman, Wilson Uwujaren.
The petitioners alleged that Amos through his company, DHIL Nigeria Limited, notoriously called Crime Alert Security Network Investment, persuaded them to invest in a network scheme which offered a monthly 30% returns on investment.
According to some of the victims, they were persuaded to invest after listening to the suspect’s weekly radio programme.
However, after investing their monies they neither received the promised interest nor get a refund of their capital since 2020.
Exasperated, they petitioned the EFCC.
The Commission, in the course of investigation, discovered that the suspect operated a classic Ponzi scheme and had defrauded hundreds of people, some of whom reported orally to the Commission.
Indeed, petitions are still pouring into the Commission on a daily basis from his alleged victims.
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 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.