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.
Their arrest was sequel to intelligence that the organization had lured many citizens to ‘invest’ in the bogus scheme using the irresistible promise of return on investment of up to 50 percent in two weeks as bait.
This was contained in a statement issued in Abuja by Head, Media, and Publicity, EFCC Wilson Uwujaren and obtained by Solacebase on Friday
‘’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,’’ said the statement.
It said during the operation, laptops, desktops, POS machines, Tokens, and other documents were recovered.
The statement said, the investigation revealed that one Mohammed Garba Iliyasu who is now on the run is the Managing Director of the Company. Two of his brothers, Abubakar Garba Iliyasu and Ibrahim Garba Iliyasu who are also part of the scheme, are equally on the run.
‘’On September 5, 2019, operatives of the Commission executed a search on the family house of the suspects in Hotoro Area of Kano State and made the 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.’’