EFCC’s Kano Office arrests Ponzi Scheme operators, recover firearms
Garba Iliyasu and Umar Iliyasu have been arrested by the Economic and Financial Crimes Commission (EFCC) for allegedly running a Ponzi Scheme in Kano under the name, MGB Global Market.
It was gathered that the compilation of intelligence reports faciliated the arrest of members of MGB Global Market who had lured many citizens to invest in the bogus scheme using irresistible promise to return on investment of up to 50 percent in two weeks as bait.
The anti-graft agency invaded the office of the MGB Global Market situated 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.
In a statement released by the commission, it revealed that laptops, desktops, POS machines, Tokens and other documents were recovered during the operation.
Investigation revealed that one Mohammed Garba Iliyasu who is now on the run is the Managing Director of the Company. Two of his brothers, Abubakar Garba Iliyasu and Ibrahim Garba Iliyasu who are also part of the scheme, are equally on the run.
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.
The Commission once again, warn the general public to desist from patronizing get rich schemes like MGB Global.