© 2019 - International Centre for Investigative Reporting
Ponzi scheme: SEC begins verification of 4,160 investors’ claims in Kano
THE Securities and Exchange Commission on Monday announced that it has started to verify claims of 4,160 unpaid investors of an illegal investment scheme organised by Dantata Success and Profitable Company in Kano.
The commission in a press statement said the exercise is “sequel to the appointment of joint Administrators/Trustees for Dantata Success and Profitable Company by the Securities and Exchange Commission (SEC) pursuant to section 13 and 173 of the Investment and Securities Act, and consequent to an Order Exparte granted by the Federal High Court Kano.”
Reportedly, the company which was not registered used illicit strategies to solicit funds from unsuspecting members of the public by enticing them with returns of monthly interest on the investment of between 25 to 50 per cent, depending on the nature and type of the investment, thereby engaging in illegal capital market activities.
The company sold forms to prospective investors according to their investment plans ranging from N1,000 to N3,000, with the minimum amount investable being N50,000 and a maximum amount of N5m.
The verification scheduled to begin Monday would end on July 20, with 4,160 investors undergoing verification from 9:00 am to 4:00 pm daily.
“All unpaid investors are necessarily advised to attend in person as attendance by proxy is not acceptable.”
“Notice is hereby given to members of the investing public that invested in the entity’s illegal collective investment scheme to come forward for verification of claims.
“All unpaid DSPC Scheme investors are necessarily advised to attend in person as attendance by proxy is not acceptable. Claimants must bring along the following documentary evidence/information for the verification exercise:
The documents and proof of evidence of investment required for submission include Bank Teller, Bank Deposit Slip, Bank Online Transfer Advice, Completed DSPC Investment Form, E-mail/WhatsApp Correspondence and DSPC Payment Receipt.
Claimants are expected to bring the following means of identification: identity card, driver’s license, permanent voters card or international passport.
To complete the verification process, SEC also requests for detail of claimants’ Bank Account and Bank Verification Number (BVN).
The Commission had in February sealed off the premises of Dantata Success and Profitable Company in Kano and planned to commence a verification exercise for people who invested in the company.