A Kano State High court presided over by Justice Nuhu Galadanchi last week, sentenced three men: Akinbode Olusegun Seun, Amure Iliasu Ademola and Obajobi Wale to seven years imprisonment for fraudulently obtaining more than N11,000,000 from members of the public through their fake company, Delad Ventures.
In a statement issued by Femi Babafemi, head of media and publicity, EFCC, the three men were arrested some three months ago by operatives of the Commission following a flood of petitions written by over 500 aggrieved victims of the companies 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 unsuspecting victims that their business engagements included Forex trading, Stock trading, e-gold, etc and had instantly attracted several clients who later found out that the claims were false.
Further investigation revealed that over N6million of the stolen funds were lodged in several bank accounts belonging to the three men and 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 and the commission had over the years warned members of the public on the hazards of investing their money on such companies which promise over a 100% returns within a short period of time.
