Microfinance owner defrauds 108 victims hours after opening illegal bank – EFCC


The Economic and Financial Crimes Commission (EFCC), Sokoto Zonal office has paraded one Aisha Kabo, for allegedly defrauded members of the public through an illegal microfinance bank.

The Zonal Head of the EFCC, Mr Abdullahi Lawal, who addressed journalists in his office on Friday said the suspect had defrauded no fewer than 108 victims within 24 hours of her operation in the state.

According to him, “we got a report from concerned Nigerians that someone was operating an illegal microfinance bank along Tamaje road, Sokoto, on 4th of December.

“We set up our team and move to the scene immediately, on getting there, we met one 27-years-old lady who gave her name as Amina Kabo and also called Fausiya Kabo, who is the owner of the business.

“Upon investigation she confessed that she open the business to defraud people of the state.

“She was alleged to have been collecting monies ranging from N5,000 to N10,000 from unsuspecting victims under the guise of opening account for them with a view to granting them loan.

“She further gave an analysis that if one invested N5,000 such person would be paid N50,000, N7,000 for N100,000, N8,000 for N200,000, N9,000 for N300,000 while investment of N10,000 would attract N400,000 respectively.

“She recruited some unsuspecting people with a promise to pay them N18,000 monthly, amongst them were Mariam Usman, Abdulrahman Lawali and Shehu Ibrahim; one of them leak the illegal activities to our office and would serve as a witness.

“When a search was conducted, several incriminating items including cash of (N533,805,00) was found in her office.

“Also another N49,505,00 was recovered in her house,” he added.

The Zonal Head, however, disclosed that 108 victims were defrauded to the tune of N897,500,00 within 24 hours.

He called on public to be wary of such fraudulent people, saying no legal microfinance will offer such rewards on savings or loan.

He called on the residents of the zone, Sokoto, Kebbi and Zamfara states not to hesitate to report anyone doing illegal activities to the agency.

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