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Wonder Bank Scam: EFCC gets more convictions

Thursday, 11 September 2008

A kano State High court presided over by Justice Nuhu Galadanchi on Wedneday August 20th,2008 sentenced three men; Akinbode Olusegun Seun, Amure Iliasu Ademola and Obajobi Wale to seven years imprisonment respectively for fraudulently obtaining more than N11,000,000.00 (Eleven Million Naira) from members of the public through their fake company Delad ventures.

The three fraudsters were arrested some three months ago by operatives of the Economic and Financial Crimes Commission (EFCC) following a deluge of petitions written by over 500 aggrieved victims of Delad Ventures who were given false hopes of a 100% return on investment within a four-week period.

After a thorough and prompt investigation by the EFCC, it was revealed that the company was not registered with the Corporate Affairs Commission neither was it licensed by the CBN and SEC to engage in Foreign Exchange transactions as claimed. They had told their gullible victims that their business engagements included FOREX Trading, Stock Trading, E- gold etc and had instantly attracted several clienteles who later found out that the claims were spurious.?

Further investigation revealed that over N6million of the stolen funds were lodged in several bank accounts belonging to the three men. Additionally, over N1.7million cash was retrieved on the convicts the day they were arrested.

Presently, the sum of N8,721,760.72 and $1,530.00 USD have been recovered and paid back to the investors in ratio that equals the invested funds by each of them. The recent conviction was one of several such cases being investigated by the EFCC .The commission had over the years warned members of the public on the dangers of investing their hard earned monies on such dubious investment companies which promise over a 100% returns within a short period of time.

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Comments (3)

	1. Written by This e-mail address is being protected from spam bots, you need JavaScript enabled to view it on 12-09-2008 15:27 - Guest
	Accountant Well, we appreciate the effort of EFCC in refunding the monies of all investors in Delad Ventures. Please, we appeal to EFCC to hasten their process on wonder banks refund in Ibadan, Oyo-State.

	2. Written by This e-mail address is being protected from spam bots, you need JavaScript enabled to view it on 04-10-2008 13:13 - Guest
	owner WE THANK ALL GOVERNMENT AGENCIES INVOLVED IN THE ONGOING POCESS IN RETRIEVING THE INVESTORS DEPOSITS FROM THE WONDER BANKS' ACCOUNTS. PLS. HASTEN-UP BEFORE THE INVESTORS DEATH. WE ARE APPRECIATING THE GOOD JOB THE GOVERNMENT IS DOING. THANKS.

	3. Written by This e-mail address is being protected from spam bots, you need JavaScript enabled to view it on 14-10-2008 16:55 - Guest
	CBN/SEC- What are you doing about Invest Please let CBN hasten the refund plan as per instructed by the tribunal. I see they are conspired with the likes of UBA & ZENITH, as a result of what they are making from investors fund from loans granted.

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Last Updated ( Thursday, 11 September 2008 )

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