EFCC Docks Ponzi Scheme Operator Over Alleged N679m Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned an alleged Ponzi Scheme Operator, Ayodele Toyosi, before the Lagos State High Court in Ikeja over allegations of stealing N600,150,000 and $50,000.00 from his Victims.

The anti-graft agency docked Toyosi before Justice Musiliu Lawal alongside his two Companies, Reaprite Global Limited and Agrorite Limited, on an 11-count charge of obtaining money by false pretences, stealing, and retaining proceeds of criminal conduct.

The EFCC counsel, George Akaogu, told the court that the defendant obtained the money from different people under the false representation that it was meant for an interest-yielding investment in an agricultural export at a rate of 21% return on investment for six months.

RELATED

Police Summon Sowore For Alleged Forgery, Inciting Disturbance

9 minutes ago

Tinubu Celebrates Ex-VP Sambo At 71

1 hour ago

Akaogu, however, claimed that the defendant diverted the money to his personal use.

He further insisted that the offence of fraud is contrary to section 1(1)(a) and punishable under section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

He also maintained that the offence of stealing is contrary to Sections 278(1)(b)(f) of the Criminal Law of Lagos State 2011.

Akaogu told the court that the defendant allegedly obtained $50,000.00 by false pretence belonging to James O. Emadoye sometime in 2023.

The defendant pleaded not guilty to the charge.

The prosecutor then urged the court to remand the defendant in the custody of the Nigerian Correctional Services pending the commencement of trial.

But the defence counsel, Olalekan Ojo (SAN), informed the court that he had filed and served the prosecutor with a copy of his client’s bail application and was ready to move it.

However, the prosecutor informed the judge that he needed time to file his response.

Justice Lawal adjourned the case to August 21 for the bail application hearing.