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Operatives of the Kogi State Police Command have nabbed two alleged fraudsters who defrauded individuals of over N15 million using an illegal microfinance bank.
The suspects were reportedly operating an illegal microfinance, bank, “West World Investment Ltd”, which they used in extorting money from unsuspecting individuals especially traders.
The suspects, Micheal Niyi, Adebayo and Abayomi (surnames withheld) conspired with one James and Isaac (surnames withheld), who were said to have fled abroad with some of the loot.
According to reports from Sun, the alleged con men sometime last year set up the bank to collect daily contributions from members of the public with the promise that whatever amount their clients were able to contribute within a month would be doubled for them as loan without interest.
Saidu Madawaki, the Kogi State police commissioner who paraded the suspects said the alleged fraudsters recruited a large number of staff members who went round to virtually all the nooks and crannies of Lokoja, the state capital, to solicit for customers. Two days to the disbursement of the promised loans to the customers, the suspects fled their hotel rooms, disappearing with over N15 million they allegedly swindled from members of the public.
The Commissioner of Police said the same syndicate had operated in Makurdi, Benue State for months before they disappeared after swindling the people of unspecified amount of money, only for them to resurface in Lokoja. He said when detectives arrested the suspects, a Mitsubishi Gallant car with registration number Lagos LND 538 AG and a plasma TV set were recovered from them.
Answering questions from newsmen, one of the suspects, Michael, confessed to committing the crime but stressed that he was drafted into the business by one James whom he said was the “managing director” of the bank.
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