Operatives of the Economic and Financial Crimes Commission (EFCC), Kano zonal office, have arrested Garba Iliyasu and Umar Iliyasu for allegedly running a Ponzi scheme in Kano under the name MGB Global Market.
A press statement in Kano on Friday signed by Wilson Uwujaren, Head of Media and Publicity of the commission, stated that their arrest was sequel to intelligence that the organisation had lured many citizens to ‘invest’ in the bogus scheme using irresistible promise of returns on investment of up to 50 per cent in two weeks as bait.
According to the statement, “Upon receipt of the intelligence, the commission stormed the office of MGB Global located at Sabo Bakin Zuwo Road, Opposite ConOil, Tarauni Local Government Area of Kano State and arrested Garba Iliyasu and Umar Iliyasu alongside 16 other employees of the outfit. The employees were subsequently released.
“During the operation, laptops, desktops, POS machines, tokens and other documents were recovered.”
The anti-graft commission said that investigation revealed that one Mohammed Garba Iliyasu, who is now on the run, is the managing director of the company, while two of his brothers, Abubakar Garba Iliyasu and Ibrahim Garba Iliyasu, who are also part of the scheme, are equally on the run.
“On September 5, 2019, operatives of the commission executed a search on the family house of the suspects in Hotoro Area of Kano State and made startling discovery of prohibited firearms, live ammunition and several other incriminating documents.
“One of the suspects is allegedly building a six-bedroom duplex at the same Hotoro with funds which are believed to be proceeds of the Ponzi Scheme,” the statement said.
The commission warns the general public to desist from patronising get rich schemes like MGB Global.