The Economic and Financial Crimes Commission, EFCC, Thursday 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 organisation had lured many citizens to ‘invest’ in the alleged bogus scheme using irresistible promise of return on investment of up to 50 percent in two weeks as a bait.
The anti-graft spokesman, Wilson Uwujaren, said this in a statement in Abuja.
Uwujaren explained that, “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. During the operation, laptops, desktops, POS machines, Tokens and other documents were recovered.”
But investigation revealed that Mohammed Garba Iliyasu, who was said to be now on the run is the Managing Director of the Company.
Also, EFCC affirmed that two of his brothers, Abubakar Garba Iliyasu and Ibrahim Garba Iliyasu who are said to be part of the scheme are equally on the run.
It was also gathered that on September 5, operatives of the Commission executed a search on the family house of the suspects in Hotoro Area of Kano State and made startling discovery of prohibited firearms, live ammunition and several other incriminating documents.
One of the suspects, EFCC said allegedly built a 6-bedroom duplex at the same Hotoro with funds believed to be proceeds of the Ponzi Scheme.
However, the Commission has warned the general public to desist from patronizing get rich schemes like MGB Global.
