EFCC Kano Arrests Brothers Operating Ponzi Scheme 

Folake Sokoya

The Kano Zonal Office of the Economic and Financial Crimes Commission (EFCC) headed by Mr Akan Ezima have busted five (5) brothers suspected to be operating a ponzi scheme.

The Commission operatives arrested two of the brothers, Garba Iliyasu and Umar Iliyasu, while the remaining three, including the company’s Managing Director, Mohammed Garba Iliyasu took to their heels.

According to the commission’s spokesperson, Mr. Wilson Uwejaren, the brothers were allegedly running the illegal scheme under the name of MGB Global Markets Limited and were luring their victims with a mouth watering promise of up to 50 percent return on investment within two weeks.

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 but the employees were subsequently released.

Investigation revealed that one Mohammed Garba Iliyasu is the Managing Director of the Company while two of his brothers, Abubakar Garba Iliyasu and Ibrahim Garba Iliyasu are also part of the scheme and are all presently 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”. Uwejaren stated.

Post Author: Friday Ekeoba