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EFCC arrests Ponzi scheme masterminds in Kano

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By Soni Daniel – Abuja

The Economic and Financial Crimes Commission, EFCC, has arrested the duo of Garba Iliyasu and Umar Iliyasu who are alleged to be running a Ponzi scheme in Kano under the name, MGB Global Market.

Ponzi
One of the Ponzi scheme operators

The EFCC arrest was sequel to intelligence that the organisation had lured many citizens to ‘invest’ in the bogus scheme using the irresistible promise of returns on investment of up to 50 per cent in two weeks as bait.

Upon receipt of the intelligence, the commission stormed the office of MGB Global located at Sabo Bakin Zuwo Road, opposite ConOil, Tarauni Local Government Area of Kano State and arrested Garba Iliyasu and Umar Iliyasu alongside 16 other employees of the outfit. The employees were subsequently released.

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The commission said in a statement made available to Vanguard that during the operation, laptops, desktops, POS machines, tokens and other documents were recovered.

The statement signed by EFCC spokesman, Wilson Uwujaren said that one Mohammed Garba Iliyasu described as the managing director of the suspicious firm along with two of his brothers, whose names were given as Abubakar Garba Iliyasu and Ibrahim Garba Iliyasu, who are also part of the scheme, are equally on the run.

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“On September 5, 2019, operatives of the EFCC executed a search on the family house of the suspects in Hotoro Area of Kano State and made a startling discovery of prohibited firearms live ammunition and several other incriminating documents.
One of the suspects is allegedly building a 6-bedroom duplex at the same Hotoro with funds which are believed to be proceeds of the Ponzi Scheme.

“The Commission once again, warn the general public to desist from patronizing get rich schemes like MGB Global”.

Vanguard.

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