New fake investment schemes fraudsters use to defraud Nigerians

One of the victims, Alice Majemite, a trader, said she was introduced to the firm by one of her close friends and had invested N500,000 with the firm.

Majemite and others were anxiously expecting the promised yield on their money when the operators of the firm identified as Mr. Adekanye and Olatunji eloped and locked their office tucked inside a shopping mall, just a stone’s throw from the popular Ile Epo Market.

”My whole world has collapsed. I don’t know if I would survive this terrible loss. I blame myself for falling for their bait when they lured me with high profits on invest ment.

”I was actually introduced to the investment scheme operated by the company by one of my friends who was paid her huge profit on the N200,000 she invested. I never knew that they are fake.”

In a joint operation conducted by the Lagos and Edo police commands late last year, the kingpin of an amalgam of ten group under the name CBN Helping Hands Investment Scheme, Solomon Osiga Ezemede aka Musa Mukarat and Solomon Musa was arrested in Lagos.

The arrest followed a petition to the police by the Central Bank of Nigeria (CBN) that the syndicate had impersonated the apex bank to defraud unsuspecting members of the public to invest their money in dubious high yielding schemes.

How victims are swindled

The syndicates swindled their victims using various investment schemes such as real estate, agro-allied, oil and gas to lure investors into their net.

For example, Maduka was lured into investing his princely sum in a real estate scheme which the syndicate promised would give him a fast return on investment.

”I was told by the dubious operators of the finance house that they have landed property scattered all over the country and they showed me audio-visual proof of the estates and beneficiaries of the scheme, who testified to the genuineness of the investment. I fell for it flatly,” Maduka said.

Osemede’s syndicate, according to the police, perpetrated out its fraudulent activities using various fake CBN Facebook accounts, mobile telephone numbers, fictitious internet profiles and paid testimonials to lure or induce victims into paying money into numerous bank accounts.

The syndicate, which also operated in parts of Auchi area of Edo State, also promised to double the amount invested within 24 hours.

Ezemede has since been charged to the Magistrate’s Court in Ebute Metta, Lagos, on a four-count charge of conspiracy, obtaining money by false pretence, fraudulent act and stealing.

The Acting Director, Corporate Communications Department of CBN, Mr. Osita Nwanisobi, said the syndicate had defrauded many people, using the official paraphernalia of the apex bank including seal and logo among others.

Majemite was induced through oil and gas investment scheme which the syndicate promised would yield returns on a weekly basis with large profit margin.

“I attended their seminar, where they showed us their oil and gas business in the downstream sector including their supply chain and workers. I believed them because some people testified to how they received their profit on investment a few days after they invested money.

“I never knew the testimonials were stage-managed by the fraudsters to scam me and others who were new investors. We reported the case to the police but it was difficult locating the address of their head office somewhere around Jibowu area of Yaba, Lagos as displayed on their office frontage.”