A 43-year-old Amos Olugbenga Olaniyan, who is a founder of Crime Alert Security Network, has been arrested by Economic and Financial Crimes Commission EFCC for allegedly defrauding people of over N128,000,000.00 (One Hundred and Twenty-Eight Million Naira) in a fraudulent investment scheme.
It will be recalled that Crime Alert Security Network, an investment established by Amos Olugbenga whose objective according to him was for the security and protection of the people had invited the public in the past to subscribe to its shares advertised through one popular radio station in Ibadan.
Amos was arrested following series of petitions by victims. The petitioners alleged that Amos through his company, DHIL Nigeria Limited popularly known as Crime Alert Security Network Investment, persuaded them to invest in a network scheme which offered a monthly 30% returns on investment. According to some of the victims, they were persuaded to invest after listening to the suspect’s weekly radio programme.
However, after investing their monies they neither received the promised interest nor get a refund of their capital since 2020.
Exasperated, they petitioned the EFCC. The Commission, in the course of investigation, discovered that the suspect operated a classic Ponzi scheme and had defrauded hundreds of people, some of whom reported orally to the Commission. Indeed, petitions are still pouring into the Commission on a daily basis from his alleged victims.
Furthermore, it was discovered that DHIL Nigeria Limited, the vehicle used by Amos to scam his victims, was not registered with the Central Bank of Nigeria as a financial institution.
Five exotic cars, three landed properties and other incriminating documents were recovered from the suspect.