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