The Kano zonal office the Economic and Financial Crimes Commission (EFCC) has arrested Garba Iliyasu and Umar Iliyasu who are alleged to be running a Ponzi Scheme in Kano under the name, MGB Global Market.
A press statement from the government agency explained that their arrest was sequel to intelligence that the organisation had lured many citizens to ‘invest’ in the fraudulent scheme using irresistible promise of return on investment of up to 50 per cent in two weeks as their bait.
“Upon receipt of the intelligence, the commission stormed the office of MGB Global located at Sabo Bakin Zuwo Road, Opposite ConOil, Tarauni Local Government Area of Kano State and arrested Garba Iliyasu and Umar Iliyasu alongside 16 other employees of the outfit. The employees were subsequently released,” said.
The EFCC statement further stated that during the operation, laptops, desktops, POS machines, Tokens and other documents were recovered. According to the agency, investigation revealed that one Mohammed Garba Iliyasu who was now on the run was the Managing Director of the company. Two of his brothers, Abubakar Garba Iliyasu and Ibrahim Garba Iliyasu, also part of the scheme, are equally on the run.
According to them, on September 5, 2019, operatives of the commission executed a search on the family house of the suspects in Hotoro Area of Kano State and made startling discovery of prohibited firearms, live ammunition and several other incriminating documents. Following this development, the EFCC has again warned the public to desist from patronising get rich schemes like MGB Global.