Again, EFCC Arraigns Lagos Couples For 500m Fraud

The Economic and Financial Crimes Commission has once more arraigned another couple over alleged N500 million investment scam.

This is the second time that the Commission has arraigned couples this week.

On Tuesday, the Lagos Zonal Command of the EFCC arraigned a couple, Oriyomi Idowu and Ruth Idowu, before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos on 20 count charges bordering on obtaining money by false pretence, money laundering, stealing, retention of stolen property, and forgery to the tune of N2,757,188,000.

They were arraigned alongside Food Commodity Processing Enterprise, Bonway Food Processing Company Limited, Samee Idowu Company Limited and Farmex Integrated Companies Limited, which all belong to Ruth Idowu

In the same manner, the Port Harcourt’s Zonal Command of the Commission, on Wednesday arraigned another couple, Emmanuel Dike and Ugochi Eziaku Dike alongside their company, Dike & Phil Associates Ltd on Wednesday.

Mr and Mrs Dike were arraigned on five-count charges bordering on conspiracy, obtaining money under false pretence and criminal conversion of funds to personal use.

The defendants were arrested over a case of alleged conspiracy, obtaining money under false pretence and conversion of funds.

According to a petitioner, sometime in July, 2021, the 1st defendant, a former banker with Polaris Bank approached him and informed him of an investment opportunity through which he will be able to get appreciable returns of 10 per cent through his Limited Liability Company, Clipboard Office Superstores Limited.

However, after getting fully convinced of what the 1st defendant said, the victim paid some money to her as an advance based on her directives for the execution of contracts from blue chip companies and organisations.

Investigations revealed that the defendants promised their victims a good return on investment, but converted the total sum of N500 million paid to them for personal use and every effort by the victim to get a refund proved abortive.