January 22, (THEWILL) — The Economic and Financial Crimes Commission (EFCC) has uncovered the involvement of a new generation bank, a microfinance bank and a fintech company, in a massive investment scam and airline discount fraud that has defrauded Nigerians of over N18 billion.
The Director of Public Affairs of the Commission, Wilson Uwujaren, disclosed this at a press briefing at the EFCC headquarters in Abuja, where he detailed how fraudsters operated sophisticated schemes to swindle unsuspecting victims.
According to Uwujaren, one of the schemes involved a syndicate that advertised discounted flight tickets of a foreign airline to lure victims.
He said the payment platform was manipulated to make victims believe their payments were going directly to the airline, whereas the funds were diverted into accounts controlled by the fraudsters.
“Once payment is made, the victim’s entire bank balance is wiped out”, he said.
Investigations showed that more than 700 victims have so far been defrauded in the scheme, with losses estimated at N651 million.
Uwujaren added that the Commission has recovered and refunded N33 million to some victims, while investigations revealed that the operation was masterminded by a foreign national.
In another case, the EFCC uncovered a fraudulent investment scheme operated by Fred and Farid Investment Limited, also known as FF Investment. Uwujaren disclosed that over 200,000 Nigerians were lured into bogus investment packages under the scheme.
He said a total of N18 billion was raked in through nine companies offering diverse investment products to the public.
Uwujaren assured that the EFCC was intensifying investigations, tracking assets and working with financial institutions to recover stolen funds and prosecute those responsible.
He urged Nigerians to exercise caution and avoid investment schemes promising unrealistic returns, warning that fraudsters are increasingly exploiting digital platforms and financial technology channels to perpetrate crimes.
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