EFCC Arrests Man For Alleged N128m Ponzi Scheme Fraud

… Five Exotic Cars, Three Landed Properties Recovered

The Economic and Financial Crimes Commission has arrested one Amos Olaniyan for allegedly defrauding people of over N128m through an investment (ponzi) scheme.

Olaniyan, through his company, DHIL Nigeria Limited popularly known as Crime Alert Security Network Investment, attracted and allegedly defrauded Nigerians with the promise of 30 per cent returns on investment.

However, after investing their monies they neither received the promised interest nor got a refund of their capital since 2020.

The Economic and Financial Crimes Commission in a statement said, “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 got 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.

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

The Commission noted that Olaniyan, who was nabbed by its Ibadan Zonal Office would be charged after the conclusion of the investigation.