N4bn Fraud: EFCC Nabs ‘Wonder Bank’ MD

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The Economic and Financial Crimes Commission (EFCC) has arrested the Managing Director, of an alleged Wonder bank ,  “Lets Partner With You Ltd”, Chief. Patrick Shanchi Nwokike after receiving over a 100 petitions from across the country on the nefarious activities of the bank.

According to the EFCC spokesperson, Wilson Uwujaren, Nwokike was arrested at his residence in Enugu,  Enugu state.

Uwujaren stated that petitions from Nigerians across religious, gender, ethnic, economic and social spheres indicate that the company had over the past five years solicited and obtained deposits of more than N4,000,000,000 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 the Securities and Exchange Commission, SEC or the Nigeria Deposit Insurance Corporation, NDIC.

Further investigations revealed  that  the company had, for some time, paid a 10 percent interest on invested capital but suddenly stopped and all efforts by depositors to have at least their initial investments returned were futile.

The EFCC noted that many of the complainants alleged that the operators of the scheme especially, Nwokike not only  lives very flamboyant lifestyle but  acquired several personal assets as well as using their deposits for philanthropic enterprise.

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