We've Recovered N1bn From Ponzi Scheme Operators In Our Custody

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The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal office, said it has recovered N1 billion from suspected Ponzi scheme fraudsters in the zone.


The head of the zonal office, Abdulrasheed Bawa, disclosed this at a media briefing in Port Harcourt on Tuesday. He said the commission recovered the said amount out of N2 billion the suspects collected from their victims.


Bawa 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.


Dailytrust quoted Bawa as saying that the suspects convinced their victims that they were into foreign exchange and cryptocurrency trading, stressing 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.