EFCC Arrests Ponzi Scheme Operator, MGB Global Market In Nigeria

The Economic and Financial Crimes Commission, EFCC, has arrested the duo of Garba Iliyasu and Umar Iliyasu who are alleged to be running a Ponzi scheme in Kano under the name, MGB Global Market.

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The arrest was due to an information the Commission had about the company deceiving many citizens to ‘invest’ in the bogus scheme using the irresistible promise of returns on investment of up to 50 percent in two weeks.

The EFCC stormed the premises of the MGB Global Market located at Sabo Bakin Zuwo Road, opposite ConOil, Tarauni Local Government Area of Kano State upon receipt of the information and arrested Garba Iliyasu and Umar Iliyasu alongside 16 other employees of the outfit but the employees were subsequently released.

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The Commission in a statement revealed that during the operation, laptops, desktops, POS machines, tokens, and other documents were recovered according to Vanguard news.

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“On September 5, 2019, operatives of the EFCC executed a search on the family house of the suspects in Hotoro Area of Kano State and made a startling discovery of prohibited firearms live ammunition and several other incriminating documents. One of the suspects is allegedly building a 6-bedroom duplex at the same Hotoro with funds that are believed to be proceeds of the Ponzi Scheme. “The Commission once again, warn the general public to desist from patronizing get rich schemes like MGB Global”.

Source: Africacelebrities.com