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