ASSET RECOVERY: EFCC Recovers N1bn From Ponzi Scheme Suspects in Rivers
The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal office, has recovered N1 billion from suspected Ponzi scheme fraudsters in the zone. The head of the zonal office, Abdulrasheed Bawa, who disclosed this at a media briefing in Port Harcourt yesterday, said the commission recovered the said amount out of N2 billion the suspects collected from their victims.
He said men of the commission, after surveillance activities, arrested the suspects who, he said, promised their victims 10% monthly returns and payment of the principal after six months.
He said the suspects convinced their victims that they were into foreign exchange and crypto currency trading. Bawa also stated that the zone, in the last eight months, recorded 149 convictions, made N268,934,375.75, $2,012,568.00, and £15,000 recoveries while 162 cases are still pending in court.