By The Publisher
A couple based in Ibadan, Oyo State, Emmanuel and Victoria Jaiyeoba, have been arrested by the Lagos Zonal Office of the Economic and Financial Crimes Commission (EFCC) for allegedly defrauding unsuspecting victims in a N935 million Ponzi scheme.
The suspects, who were arrested at their residence at Amuloko area of Ibadan, are parents to Jaiyeoba Adewale Daniel, the Marketing Director of Wales Kingdom Capital Limited.
According to the EFCC’s Head, Media and Publicity, in a statement on Wednesday, June 30, the suspects, in complicity with their son, who is still at large, operated a Ponzi scheme in the guise of forex trading to defraud their unsuspecting victims.
“Investigation revealed that Emmanuel, who is a Director in Wales Kingdom Capital, operates five bank accounts and had received a sum of N18,397,913.67 million before his arrest.
“Further investigation also showed that the second suspect, Victoria, operates six bank accounts through which she received fraudulent transactions to the tune of N916, 607, 715.48 million,” Uwujaren disclosed.
The Media and Publicity Head further that the suspects would soon be arraigned in court.
Findings by Thenewsbearer revealed that Emmanuel’s son, Adewale, a 24-year-old former student of Federal University of Agriculture, Abeokuta (FUNAAB), Ogun State, had been on the wanted list of the EFCC and the police since he absconded with billions of Naira belonging to investors in a company he established as a student and registered with the Corporate Affairs Commission (CAC).
He had claimed to be a forex trader that was also dealing in real estates, autos, general merchandise and agriculture.
With his scheme unknown to some students in the same university and some workers outside the institution, Adewale had employed them as affiliates, with the mandate to get investors for the company, for which they would be paid commissions.
This was said to have made the affiliates to search for investors such as civil servants, private company workers, businessmen and women, as well as retirees, with the money invested running into billions of Naira.
To the shock of the investors, Adewale reportedly disappeared in December 2020, with him giving an excuse that COVID-19 pandemic affected his business.
The disappearance of the money paid by investors made them to descend on the affiliates, with many of them arrested by the police and charged to court.
Some of the students, who spoke with Thenewsbearer, talked on how they landed in prisons for days before they could perfect the bail conditions given them by the courts they were charged to.
The pressure by the investors had allegedly triggered the sickness being nursed by one of the FUNAAB students, leading to his death, the other students disclosed.
It was further learnt that the 24-year-old suspect at large, who had yet to marry, had constructed a magnificent building with swimming pool worth over N400 million in Abeokuta.
The structure, with his company’s name, Wales, written at the bottom of the swimming pool as a design, had been reportedly seized and sealed by the EFCC.
He was also said to have many landed property scattered in different areas of Abeokuta and Lagos State.
Adewale’s father, who was also made a director of the company, allegedly had landed property at Akanran and Elebu areas in Ibadan, with a construction ongoing at Elebu, according to a source.
Emmanuel had once told Thenewsbearer when he was seen at a police unit in Oyo State Command that he was asked by his church, The Apostolic Church at Amuloko Community, to step down from the church’s altar as a result of allegation against him and his son in connection with defrauding investors.
Adewale was said to have studied Banking and Finance at FUNAAB but dropped out in his final year as a non-graduating student as a result of low CGPA and some courses he carried over.
