Fraud Watch
Why We Raided Urban 94.5FM: Alleged N700M Ponzi Scheme – EFCC
Enugu Radio Station at Center of N700m Ponzi Scheme Scandal.
The Economic and Financial Crimes Commission (EFCC) recently raided Urban 94.5 FM, a radio station in Enugu State, Nigeria, due to alleged involvement in a N700 million Ponzi scheme. The scheme, known as “Life Trading,” was promoted by Favour Ekoh, a presenter at the station, and about 50 victims were defrauded. Ekoh allegedly lured investors into putting money into Leverage Index Limited, a company that promised 10% returns on investment but disappeared with the funds.
During the raid, EFCC operatives arrested Ekoh, the station’s Managing Director, Bamikole Owoyomi, and two security guards for obstruction of justice. However, Ekoh and three other staff members were later released after making statements.
The EFCC clarified that Ekoh’s arrest was not made during a live broadcast, and no equipment was tampered with. The commission also emphasized its respect for the media’s role in fighting economic and financial crimes but condemned the radio station’s obstruction of justice.
Key Points:
– Alleged Ponzi Scheme: Favour Ekoh, a presenter, allegedly promoted a Ponzi scheme that defrauded 50 victims of N700 million.
– EFCC Raid: Operatives arrested Ekoh, the Managing Director, and two security guards for obstruction of justice.
– Release: Ekoh and three staff members were released after making statements.
– EFCC’s Stance: The commission respects the media’s role but condemns obstruction of justice.
EFCC’s Statement
The EFCC spokesperson, Dele Oyewale, explained that the agency’s operatives were at the radio station to invite Ekoh for questioning regarding her alleged involvement in the Ponzi scheme.
“Ekoh is being investigated by the Enugu Zonal Directorate of the EFCC in an alleged N700 million Ponzi scheme fraud involving about Fifty (50) victims,” Oyewale said.
Allegations Against Ekoh
According to Oyewale, Ekoh allegedly lured victims into investing in a scheme called “Life Trading” through Leverage Index Limited, located at No. 1 Colliery Street, Okpara Avenue, Enugu State. The victims were promised returns on investment of 10 percent of their capital after a period of time.
However, the company allegedly closed its office without returning the victims’ principal or providing any returns on investment.
Arrest and Obstruction
During the EFCC’s raid, the radio station’s chairman ordered the gate to be locked, holding the operatives hostage. The Managing Director, Bamikole Owoyomi, and two security guards were arrested for obstruction of justice.
Release and Investigation
Ekoh and three staff members were released after making statements. The EFCC clarified that Ekoh’s arrest was not made during a live broadcast, and no equipment was tampered with.
EFCC’s Call to Action
The EFCC called on the International Press Institute (IPI) and the Nigerian Union of Journalists (NUJ) to investigate the conduct of the radio station in light of integrity and ethical professional practice.
“The Commission hereby calls on the International Press Institute, IPI, and the Nigerian Union of Journalists, NUJ, to investigate the conduct of the Station in the light of integrity and ethical professional practice,” Oyewale said.
The EFCC’s raid on Urban 94.5 FM highlights the agency’s commitment to combating economic and financial crimes in Nigeria. The alleged involvement of a radio presenter in a Ponzi scheme underscores the need for vigilance and ethical conduct in all sectors.
Fraud Watch
Benin Court Jails Seven for Online Scams and Fraud
Seven Internet Fraudsters Sentenced in Benin City.
The Economic and Financial Crimes Commission (EFCC) has secured the conviction of seven internet fraudsters in Benin City. The convicts, Johnson Matthew Ebosa, Marvelous Osayenma, Imoniwe Joshua, Michael Agbowemeh San, Alvin Nosakhare Osareni, Procoius Imoniwe, and Mike Ajufo, were sentenced by Justice A.N Erhabor of the Edo State High Court.
Charges and Sentences
– Johnson Matthew Ebosa: Three years imprisonment or N200,000 fine for possessing documents containing false pretence.
– Marvelous Osayenma: Three years imprisonment or N200,000 fine.
– Imoniwe Joshua: Three years imprisonment or N200,000 fine.
– Michael Agbowemeh San: Two years imprisonment or N200,000 fine.
– Alvin Nosakhare Osareni: Two years imprisonment or N200,000 fine.
– Procoius Imoniwe: Three years imprisonment or N200,000 fine.
– Mike Ajufo: Two years imprisonment or N200,000 fine.
Additional Consequences
The convicts forfeited their phones, laptops, and bank account funds to the Federal Government of Nigeria. They must also provide written undertakings to behave henceforth.
Fraud Watch
Kaduna Courts Jail Seven for Internet Fraud and Money Laundering [Photos]
Kaduna Courts Sentence Seven to Prison for Fraud.
The Kaduna Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of seven individuals for various fraud-related offenses before Justices R.M. Aikawa and Hauwa’u Buhari of the Federal High Court, Kaduna, and Justice A. Isiaka of the State High Court.
Convicted Individuals and Sentences
– Agbecha Fanem Samson (a.k.a Michelle Pfeiffer): Five years imprisonment or N500,000 fine for money laundering.
– Shamsudeen Abdulkarim Alubankudi (a.k.a. Keren Adler): Three years imprisonment or N500,000 fine for impersonation and cybercrime.
– Paul Bukar Wadai (a.k.a. Odd Murphy): Seven years imprisonment or N700,000 fine.
– Onomza Emmanuel Gwamna (a.k.a. Dave Owen): Two years imprisonment or N600,000 fine.
– Godswill Victor Effiong: Three years imprisonment or N700,000 fine.
– Esogban Godtemple (a.k.a Lahm Moses): Five years imprisonment or N600,000 fine.
– Odeyale Victor (a.k.a Candice Weiss): Two years imprisonment or N600,000 fine.
The convicts pleaded guilty to separate one-count charges bordering on money laundering, impersonation, and cybercrime. In addition to their prison terms, they forfeited their phones, a computer, a Lexus car, and proceeds of crime traced to their bank accounts to the federal government.
See Photos Below;
Fraud Watch
EFCC Nabs Two for Money Laundering in Abuja [Photos]
EFCC Arrests Abuja Duo for Alleged Money Laundering.
The Economic and Financial Crimes Commission (EFCC) has arrested two men, Joshua Ndu and Michael Uchenna, in Abuja for suspected money laundering and internet-related crimes. The arrests were made on Wednesday, November 6, 2024, at Al-Gamji Estate in the Guzape axis of the Federal Capital Territory (FCT), following intelligence linking them to the criminal activities.
Items recovered from Ndu include:
– Luxury Vehicles: Mercedes Benz E350 (2019 model) and Range Rover (2016 model)
– Electronics: Apple laptop and iPhone 15 Pro Max
– Jewelry: Cartier wristwatch and two necklaces
While Uchenna had:
– Electronics: iPhone 12 Pro Max and Apple MacBook Pro laptop.
The EFCC spokesperson, Dele Oyewale, confirmed the arrests, stating that the suspects will be charged to court as soon as investigations are concluded.
See Photos Below;
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