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EFCC Arrests Man over Alleged Illegal Operation of a Financial Institution and Defrauding People of About N4bn

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The Suspect, Patrick Shanchi Nwokike

The Suspect, Patrick Shanchi Nwokike

Following over a hundred petitions from across the country on the operations of an alleged Wonder bank and its nefarious activities, the Economic and Financial Crimes Commission (EFCC) on Thursday October 6, 2016 arrested the Managing Director of “Lets Partner With You Ltd”Patrick Shanchi Nwokike at his residence in Enugu, Enugu state.

Petitioners indicated that the company had over the past five years solicited and obtained deposits of more than N4bn from the general public with promise of mouth watering interests in return.

According to investigations conducted by the Commission, the company has no license to solicit and manage funds for the public nor was it registered with Securities and Exchange Commission (SEC), or the Nigeria Deposit Insurance Company (NDIC).

Further investigations revealed that a 10% interest was for some time paid on invested capital which, for no justifiable reason, was suddenly stopped and all efforts by depositors to have at least the capital of their investments returned, nor terminate their investments proved abortive.

Many of the complainants alleged that the operators of the scheme especially, Nwokike, not only live very flamboyant lifestyles but acquired several personal assets as well as using their deposits for philanthropic enterprise.

The company was also found to have over six accounts in about four banks with the Nwokike and his wife being the only signatories to the accounts.

In his statement, Nwokike who acknowledged that depositor’s funds with his company was about N4bn, denied operating both money lending and investment business as alleged by the petitioners.

He stated that his company is into partnership business which receives money from interested partners who desires interest from their money after it might have been infused into businesses especially that of small scale traders.

Nwokike argued that the present problem facing his company is as a result of the general economic downturn in the country; an argument punctured by his depositors who said his company started defaulting even before the present economic woes.

Investigation is still on-going to ascertain the extent of the company’s operations, its culpability, likely recovery of funds and possible prosecution.

14 Comments

  1. vora

    October 7, 2016 at 5:45 pm

    this man has been on the run since ,thank God he has been caught.he was busy throwing money around,buying cars for people and sponsoring people’s wedding…and forming philanthropist on top…his brother has also gone into hiding because debtors wanted to kill him,people shld just try and be honest in thier dealings with others

  2. Ethio

    October 7, 2016 at 5:57 pm

    all these akawo people sef. can someone pls explain how this MMM works cos me I’m tempted oo, who no like better thing

    • jinkelele

      October 7, 2016 at 6:37 pm

      Its the ‘who no like better thing ‘ that got people into the mess with Nwokike.
      Just google MMM and you will see how the scheme has defrauded millions in other countries.
      You get paid the interest that other people have put in as capital.
      30% interest in 30days? Are they drug peddlers? What are they trading with the money.
      Its another Ponzi scheme
      For all you know your money maybe funding terrorists

      1
    • Anon

      October 7, 2016 at 7:26 pm

      Yes oh! This man is from the Bernard Madoff school. .

      1
    • Ethio

      October 7, 2016 at 8:32 pm

      VALID,but i did witness a friend of mine get paid 164k after providing help on their site with 100k in just a month and some fractions i was astounded. I’m not even good with all these easy money hustle

    • Seriously

      October 8, 2016 at 9:25 am

      Ponzi scheme is the method huge financial institutions make their money, some just learned to manage it better but will eventually crash or never. Wall street uses the same method but the governement has managed to bail them out when there’s low investment and funding from the next person.
      If corrupt financial folks are getting prosecuted why can’t corrupt politicians get their time too.

    • LemmeRant

      October 7, 2016 at 8:52 pm

      MMM is a ponzi scheme (short story). I’ve said this here before.

      Basically it works this way……

      MMM starts up like any other business with seed capital. They ask you to invest. and promise returns for your money (30% of your investment). You invest say N100k and you get N130k. They are basically just giving you your money back with 30k from their initial capital. You see this and you go (waow, i’ve found the next best thing. So you invest N200k and tell your friend about it who tells her friend about it and they also invest.

      Now here is the tricky part. The returns you are getting as profit is actually someone else’s investment. Meaning One John Bull before you had probably invested N80k and they just pay you from his own investments after your 30 days. Then you invest again and they use your money to pay another investor.

      Basically the trick is maintaining a constant flowing stream of investments from people. And seeing as we Nigerians like awoof gaan, that’s not so difficult a thing to do.

      Now the question you should ask is: Can they maintain this? Well yes and No. If they were a charity then Yes they could maintain it for a while and make some people richer. But they are not so at a point when they’ve amassed enough wealth from investors, Well the simply go ******(You know how in all those nollywood movies when someone wants to disappear and you and you hear a funny sound with drums and all, yeah something like that)********************

      Summary: Ponzi schemes are tricky just like, betting, stock exchange, in fact everything. I don’t know when MMM is gonna end or how long it will last but there are two things I’m sure of:
      1) A lot of people are gonna make easy money.
      2) A whole lot of people are going to loose a whole lot of money.

      The choice is yours.
      PS MMM has been banned recently in South Africa and Japan,

    • Son of man

      October 9, 2016 at 5:05 pm

      I hate that people excoriate something they know nothing about. If all that makes mmm ponzi is cos people are paid from other peoples investment, then banks are scam!

    • Mama

      October 8, 2016 at 3:50 am

      You better not be tempted. I’m one of those who is very sceptical and critical of such schemes but I allowed myself to be talker into joining one by family and friends after many months of refusing. Almost immediately i joined the thing crashed and Me and members of my family lost alot of money. I was so pained but looking back I would say it served me right cos I should have known better.

      Those schemes including MMM are fraudulent in every sense of the word. Even if you make money by exiting the scheme early, it is akin to stealing from those at the bottom cos someone must lose for you to gain, and it is definitely not the organizers but fellow participants. Has MMM been able to explain where the extra 30 percent interest rate comes from? They don’t invest, trade or advertise yet they make profit enough to provide ‘help’, how come?

  3. omo lara zion

    October 7, 2016 at 6:17 pm

    My mom was actually a victim of something like this, they call the company NABTECO or something. She threw away the little change NITEL gave her when they were disengaged, it’s been 9 years now and the money has refuse to come out, she’s been down with series of sickness since then. We have suffered alot since she also is the breadwinner of the family. We pray everyday though that the money should be recovered, but I doubt it deep within me if she will ever get that 900k+ back again, they are cooperate thieves. I’m really glad this man has been apprehended.

  4. Alexander Ogunshakin

    October 7, 2016 at 7:08 pm

    These foolish investors certainly deserved what they gat. Their greed got the best of them. They are partners of a crime, called Ponzi Scheme. EFCC should deal with them as such period. They knew how to locate a registered financial institution in their neck of the wood, but never went to them. they deposited their money with a scam artist. Why should we care about them now? Waste not, Want not.

  5. o

    October 7, 2016 at 8:37 pm

    Some greedy ppl will come up with such schrmes. Can’t really blame them, it’s their jibiti nature. It’s those that fall for such scams I can’t understand. Na jazz abi na marketing skills? That will make one fall for such obvious Ponzi scheme…… Greed ehn…

  6. Marlvina

    October 7, 2016 at 9:12 pm

    Sighs! His neck din’t break well…

    • Fifi

      October 8, 2016 at 9:17 am

      Hahahaha

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