Following over a hundred petitions from across the country on the nefarious activities of an alleged Wonder bank , “Lets Partner With You Ltd”, the Economic and Financial Crimes Commission, EFCC on Thursday September 6, 2016 arrested its Managing Director, Chief. Patrick Shanchi Nwokike at his residence in Enugu, Enugu state.
Petitions from Nigerians across religious, gender, ethnic, economic and social strata indicate that the company had over the past five years solicited and obtained deposits of more than N4,000,000,000 ( Four Billion Naira Only) 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 the Securities and Exchange Commission, SEC or the Nigeria Deposit Insurance Corporation, NDIC.
Further investigations revealed that the company had, for some time, paid a 10% (ten percent) interest on invested capital but suddenly stopped and all efforts by depositors to have at least their initial investments returned were futile.
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 found to have over six accounts in about four banks with the chief executive of “Lets Partner With You Ltd” and his wife being the only signatories to the accounts.
In his statement, Nwokike who acknowledged that depositor’s funds with his company was about N4,000,000,000( Four Billion Naira Only) , denied operating both money lending and investment business as alleged by the petitioners.
He stated that his company was into partnership business, which receives money from interested partners who desire interest over a period of time.
Investigation into the alleged fraud continues.
Head, Media & Publicity, EFCC.