The Economic and Financial Crimes Commission (EFCC) has arrested two suspects, Garba Iliyasu and Umar Iliyasu, for allegedly running a Ponzi Scheme in Kano.
According to the Commission, they were arrested sequel to intelligence reports that the organisation, MGB Global Market, had lured many citizens to ‘invest’ in the bogus scheme, using irresistible promise of return on investment of up to 50 percent in two weeks as bait.
Acting on the information, EFCC operatives 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. However, the employees were subsequently released.
Items recovered from the suspects were laptops, desktops, POS machines, tokens and other documents.
The anti-graft agency said investigation revealed that one Mohammed Garba Iliyasu is the Managing Director of the Company, and his brothers, Abubakar Garba Iliyasu and Ibrahim Garba Iliyasu, are also part of the scheme. The trio are said to be on the run.
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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 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.