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N4bn Advanced Free Fraud: EFCC arrest the MD of Nigerian “Wonder Bank”

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Following over a hundred petitions from across the country on the operations of an alleged Wonder bank and its nefarious activities, the EFCC, today, arrested the Managing Director of “Lets Partner With You Ltd”, Chief. Patrick Shanchi Nwokike at his residence in Enugu, Enugu state.

Petitions indicate 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 interest 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, Chief 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 Nwokike and his wife being the only signatories. Investigation is still on-going to ascertain the extent of the company’s operations, its culpability, likely recovery of funds and possible prosecution

 

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