Alleged N13.8bn Fraud: EFCC Arraigns Ponzi Scheme Director in Port Harcourt
The Economic and Financial Crimes Commission (EFCC) has arraigned the director of a suspected Ponzi scheme company over an alleged ₦13.8 billion fraud in Port Harcourt, Rivers State. The arraignment marks a significant step in the commission’s ongoing clampdown on fraudulent investment platforms operating across Nigeria.
According to reports, the suspect was brought before a Federal High Court on multiple charges bordering on obtaining money under false pretenses, conspiracy, and operating an unlicensed financial institution. The EFCC revealed that the accused had allegedly deceived thousands of unsuspecting investors with promises of high returns through a bogus investment scheme that later collapsed.
The case, which has stirred public attention due to the scale of the alleged fraud, is part of a broader crackdown by the EFCC aimed at sanitizing the financial space and protecting citizens from financial predators. Many victims reportedly sold properties, borrowed money, and invested their life savings into the scheme, only to be left with nothing when the company shut down operations abruptly.
During the court proceedings in Port Harcourt, the EFCC’s counsel presented documents and testimonies indicating how the director and other executives diverted billions of naira for personal gain. The presiding judge ordered the accused to be remanded in custody pending a formal bail application, while the case was adjourned for further hearing.
The EFCC reiterated its commitment to ensuring justice is served and warned the public to be cautious of investment opportunities that appear too good to be true. The agency also encouraged other victims of the alleged ₦13.8 billion Ponzi scheme to come forward with their claims and support the ongoing investigation.
