Malik Yahya/
Five brothers suspected to be operating a Ponzi scheme have been busted by the Kano Zonal Office of the Economic and Financial Crimes Commission (EFCC) headed by Mr Akan Ezima.
Operatives of the Commission arrested two of the brothers, Garba Iliyasu and Umar Iliyasu, while the remaining three, including the company’s Managing Director, Mohammed Garba Iliyasu, are on the run.
Firearms and live ammunition were also recovered from the suspects’ family house in Kano during a search yesterday by investigators.
The brothers were allegedly running the illegal scheme under the name of MGB Global Markets Limited and were luring their victims with a mouth watering promise of up to 50 percent return on investment within two weeks.
A statement by Wilson Uwujaren, the Commission’s Head of Media and Publicity, reads:
“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.
“Investigation revealed that one Mohammed Garba Iliyasu who is now on the run is the Managing Director of the Company. 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 6-bedroom duplex at the same Hotoro with funds which 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.”
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