Wonder Bank Operator Nabbed Over N4 Billion Fraud

 

wonder-bank-operator-nabbed-over-n4-billion-fraud


The Economic and Financial Crimes Commission, EFCC has arrested the managing director of an alleged ‘wonder bank’ known as “Lets Partner With You Ltd”, Patrick Nwokike.

Spokesman of the commission, Wilson Uwajuren, said that Nwokike was arrested at his residence in Enugu on Thursday, after the agency received hundreds of petitions from  Nigerian about  the nefarious activities of the illegal bank.

Uwajuren stated that “petitions from Nigerians across religious, gender, ethnic, economic and social strata indicate that the company had over the past five years solicited and obtained deposits of more than N4 billion from the general public with promise of mouth-watering interest in return.”

He added that EFCC’s investigations revealed that the company neither has a license to solicit and manage funds for the public nor was it registered with the Securities and Exchange Commission, SEC or the Nigeria Deposit Insurance Corporation, NDIC.

“Further investigations revealed that  the company had, for some time, paid a 10% interest on invested capital but suddenly stopped and all efforts by depositors to have at least their initial investments returned were futile,” Uwajuren stated.

Many of the complainants alleged that the fake bank boss lived a very flamboyant lifestyle, acquiring several personal assets as well as using depositors’ investment for philanthropic enterprise.






     

     

    The EFCC added that the company operates more than six accounts in about four banks with Nwokike and his wife as the only signatories.

    In his statement, the ‘bank’ MD acknowledged that depositor’s funds with his company was about N4 billion, but denied operating both money lending and investment business as alleged by the petitioners.

    He said that his company was into partnership business, which receives money from interested partners who desire interest over a period of time.

    Uwajuren said that investigation into the case was still ongoing.

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