A well-liked Enugu ‘marvel financial institution’ operator, Mr. Patrick Nwokike, was on Tuesday arraigned by the Financial and Monetary Crimes Fee over an alleged N4bn rip-off.
He was arraigned alongside his spouse, Rosemary, earlier than an Enugu Federal Excessive Court docket.
Rosemary is claimed to be an confederate within the alleged rip-off.
Nwokike was mentioned to have used his thrift and financial savings firm, generally known as Let’s Accomplice With You, to gather over N4bn from members of the general public, who have been promised a unbelievable return on their investments.
Those that invested within the scheme had been reportedly promised about 30 per cent curiosity on their deposits.
On the peak of its recognition, between 2013 and 2015, the agency was capable of meet its dedication to its prospects, and a majority of Enugu residents went into partnership with ‘Let’s Associate With You.’
Nwokike hosted a lavish social gathering for the agency’s prospects on the Nnamdi Azikiwe Stadium, Enugu, in December 2015.
However the bubble burst when, early in 2016, the agency was not in a position to pay its prospects the agreed pursuits.
To compound issues, clients weren’t in a position to withdraw the sums they invested with Let’s Accomplice With You.
The event provoked tons of of petitions from aggrieved clients to the EFCC.
The petitioners complained about Nwokike’s flamboyant way of life, selection property and public philanthropic gestures.
The anti-graft company finally arrested Nwokike at his Enugu residence on October 6.
His spouse was equally arrested and the couple had been held on the EFCC zonal workplace in Enugu earlier than their arraignment on Tuesday.
Investigations by the EFCC reportedly revealed that the agency, Let’s Accomplice With You, has over 20 accounts in several business banks, with Nwokike and his spouse being the signatories.
The N4bn the corporate was alleged to have collected from members of the general public was reportedly found in simply two of the over 20 financial institution accounts, in line with the EFCC.
The EFCC additionally stated it suspected that a bigger proportion of the funds collected from members of the general public was stashed in offshore accounts.
The investigations additionally allegedly revealed that the corporate has no licence to solicit and handle funds for the general public, because it was mentioned to not have been registered with the Securities and Trade Fee and the Nigeria Deposit Insurance coverage Firm.
Nevertheless, Nwokike and his spouse pleaded ‘not responsible’ once they had been arraigned on 4 counts of conspiracy, stealing, conversion and unlawful operation of a financial institution with out licence.
The prosecutor, Mr. Harrison Ibekwute, advised the court docket that the accused had, in 2013, 2014, 2015 and 2016, issued commercial inviting the general public to deposit cash with Let’s Companion With You with out authorisation.
He additionally informed the courtroom that the agency had been working with no legitimate licence.
Ibekwute mentioned the offences dedicated by the accused individuals contravened the Financial institution and Different Monetary Establishments Act.
The courtroom adjourned the matter until March 6, 2017, for trial.
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