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Nigeria: 4,160 investors in Ponzi Scheme to receive refund of their money

Jul 19, 2019
There is respite coming the way of investors in Dantata Success and Profitable Company as the Securities and Exchange Commission (SEC) has announced the commencement of verification exercise ahead of the planned refund of their money.
The company was axed by the commission in February for engaging in illegal capital market activities,
The commission also alleged that the investment operations in the company fell within fund management without registration with the commission
According to SEC, the company was not registered, but was only using a strategy to solicit funds from unsuspecting members of the public by enticing them with returns of monthly interest on investment of between 25 to 50 per cent, depending on the nature and type of the investment.
SEC explained that the company sold forms to prospective investors according to their investment plans ranging from N1,000 to N3,000, with the minimum amount investable being N50,000 and a maximum amount of N5m.
But in a statement on in Abuja on Tuesday by SEC, verification exercise for 4,160 unpaid investors had commenced on Monday July 15th and was expected to last till Saturday July 20th, 2019.
The requirements for the verification included original receipts evidencing their payments or bank tellers for deposit into the company’s account, valid means of identification and bank account details.
SEC said, “The verification exercise will hold in Kano from 9:00am to 4:00pm daily. All unpaid investors are necessarily advised to attend in person as attendance by proxy is not acceptable.”