A 40-year-old man, Ayodele Saheed Olaniyi, is currently in the net of the Economic and Financial Crimes Commission (EFCC), Ibadan zonal office for allegedly duping 89 people of N343, 8million.
Olaniyi was arrested by the EFCC operatives following a petition addressed to the Commission’s executive chairman, and filed on February 13, 2018, signed by a lawyer Mr. Jimoh Ayofe Tijani of E.F.A. Adeola & Co, on behalf of 89 individuals, who claimed to be victims of the suspect’s alleged fraudulent acts.
The petitioner alleged that the said 89 individuals were hoodwinked by Olaniyi into investing in a network business called Beerbanc Traders’ Network which required that they pool resources together to establish a beer retailing business with the promise that the proceed would be shared every month among the investors and the coordinating company.
EFCC sources said in the course investigation it was discovered that the suspect was operating eight different bank accounts through which he enlisted 114 people into the phoney scheme.
It was also established that a total sum of N396.5m found in the accounts was never invested in any business as promised by Olaniyi when he was luring his victims into the ‘business idea’ and that
EFCC investigators established that the company under which Olaniyi tend to operate the business was not registered with the Central Bank of Nigeria as other financial institution as required by law.
After taking his statement and conducting a search on his house and business address at Oluyole, Ibadan, the commission granted the suspect an administration bail, of which he was yet to meet the conditions.
