EFCC Nabs Man Over N342.8m Investment Scam

The Economic and Financial Crimes Commission, EFCC, Ibadan zonal office has arrested AyodeleSaheedOlaniyi for allegedly defrauding unsuspecting investors over N343,880,000.
Olaniyi’s arrest followed a petition to the EFCC in February this year over which he was investigated by the anti-graft operatives.
EFCC spokesman, Tony Orilade in a statement alleged that Olaniyi duped 89 persons collecting money from them at various times amounting to N343,880,000.
It was also disclosed by the EFCC that Olaniyi had persuaded his victims into investing in a network structure called “Beerbanc Traders’ Network”, in which the participants would pool resources together to establish a beer retailing business.
Orilade added, “The proceed was expected to be shared every month among the investors and the purported coordinating company.
“But rather than bring succour, Olaniyi accentuated their frustration as they neither received a dime as profit on their investment since October 2018, nor did they get their invested money back.
“Investigations into the petition revealed that the suspect was operating eight different accounts through which he enlisted 114 people into the phoney scheme. It was also established that a sum of N396.5 million found in the accounts were never invested in any business.