Enugu: EFCC Arrests Enugu Wonder Bank Boss Over N4bn Fraud | Independent Newspapers Limited
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Enugu: EFCC Arrests Enugu Wonder Bank Boss Over N4bn Fraud

Posted: Oct 7, 2016 at 12:36 pm   /   by   /   comments (0)



Following over a hundred petitions from across the country on the operations of an alleged Wonder bank and its nefarious activities, the Economic and Financial Crimes Commission, EFCC on Thursday September 6, 2016 arrested the Managing Director of “Lets Partner With You Ltd” Chief Patrick Shanchi Nwokike at his residence in Enugu, Enugu state.

Petitions from a cross section of Nigerians and cutting across religious, gender, ethnic, economic and social class indicate that the company had over the past five years solicited and obtained deposits of more than N4 billion from the general public with promise of mouth watering interest in return.

According to investigations conducted by the Commission, the company has no license to solicit and manage funds for the public nor was it registered with Securities and Exchange Commission, SEC or the Nigeria Deposit Insurance Company, NDIC.

Further investigations revealed that a 10 percent interest was for some time paid on invested capital which for no adducible reason, was suddenly stopped and all efforts by depositors to have at least the capital of their investments returned or terminate their investments proved abortive.

Many of the complainants alleged that the operators of the scheme especially, Chief Nwokike not only  live very flamboyant lifestyles but  acquired several personal assets as well as using  their deposits for philanthropic enterprise.

The company was also found to have over six accounts in about four banks with the CEO of “Lets Partner With You Ltd” and his wife being the only signatories of the accounts.

In his statement, Nwokike who acknowledged that depositors funds with his company was about N4 billion, denied operating both money lending and investment business as alleged by the petitioners.

He stated that his company is into partnership business which receives money from interested partners who desires interest from their money after it might have been infused into businesses especially that of small scale traders.

Nwokike argued that the present problem facing his company is as a result of the general economic downturn in the country, an argument punctured by his depositors who said his company started defaulting even before the present economic woes.

Investigation is still on-going to ascertain the extent of the company’s operations, its culpability, likely recovery of funds and possible prosecution.