The Managing Director of an Wonder bank, Patrick Nwokike, has being arrested by the Economic and Financial Crimes Commission (EFCC), following over a hundred petitions from across the country on the activities his company, Lets Partner With You Ltd.
Nwokike, who was arrested at his residence, on Thursday, in Enugu State, through his company is alleged to have over the past five years solicited and obtained deposits of more than N4 billion from the public with promise of mouth-watering interest in return, it was gathered.
According to investigations conducted by the commission, the company, Lets Partner With You Ltd, has no license to solicit and manage funds for the public. The company is also not registered with the Securities and Exchange Commission, (SEC) or the Nigeria Deposit Insurance Corporation (NDIC).
Further investigations uncovered that the company had, for some time, paid a 10 per cent (ten per cent) interest on invested capital but suddenly stopped and all efforts by depositors to have at least their initial investments returned were futile.
The petitioners alleged that the operators of the scheme especially Nwokike not only live very flamboyant lifestyles but acquired several personal asset as well as using their deposits for philanthropic enterprise.
Petitions from Nigerians alleged that Nwokike not only live very flamboyant lifestyles but acquired several personal asset as well as using their deposits for philanthropic enterprise.
The chief executive of the company and his wife were also found to being the only signatories to over six accounts of the company about four banks.
On his part, envied operating both money lending and investment business as alleged by the petitioners.
He although admitted in his statement that depositor’s funds with his company was about N4 billion.
He said his company was into a partnership business, which receives money from interested partners who desire interest over a period of time.
Meanwhile, the Securities and Exchange Commission has raised the alarm over the activities of some online fraudsters, who are currently running an online investment scheme tagged ‘MMM Federal Republic of Nigeria.
According to SEC, the fraudsters, carry out their illegitimate business via Nigeria.mmm.net portal/platform, and are promising investors a monthly investment return of 30 per cent.
The commission warned that the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds.
