Scam Master Wonder Bank operator who stole N4B from depositors arrested by the EFCC

A fraudster behind a wonder bank has been arrested by the EFCC for defrauding depositors of over N4 billion of their funds.

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The scam master, Patrick Nwokike play

The scam master, Patrick Nwokike

(EFCC)
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A 'Wonder Bank' operator in Enugu State, Chief Patrick Shanchi Nwokike, has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC), for allegedly defrauding his customers' deposits to the tune of N4 billion.

Also Read: "Disappearing Act: ‘Wonder bank’ operates abscond with customers money"

In a statement on its website, the EFCC stated that Nwokike, the Managing Director of the firm known as 'Let's Partner With You,' arrested at his residence following hundreds of petitions from customers across the country who claimed he collected money from them with the promise of paying huge profits only to renege on his promises.

The anti-graft agency indicated that Nwokike who has been running the scam in the past five years solicited and obtained deposits of more than N4 billion from the public with the promise of  mouth-watering interest in return.

During investigations conducted by the Commission, it was realized that the company has no license to solicit and manage funds for the public nor was it registered with Securities and Exchange Commission, SEC or  the Nigeria Deposit Insurance Company, NDIC.

"Further investigations showed that a 10 percent interest was for some time paid on invested capital which was suddenly stopped even as all efforts by depositors to have at least the capital of their investments returned nor terminate their investments proved abortive."

Also Read: "Wonder Bank: 'Investment Banker' who stole N670m from depositors dragged to court"

"Many of the complainants alleged that the operators of the scheme, especially Chief Nwokike, not only lived very flamboyant lifestyles but acquired several personal assets, apart from using their deposits for philanthropic enterprises.

The company was also found to have over six accounts in about four banks with the CEO of “Let's Partner With You Ltd” and his wife being the only signatories."

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