The Managing Director of “Let’s partner with you” Ltd, Chief Patrick Sanchi Nwokike, has been arrested by the EFCC at his home in Enugu State.
The company,”Lets partner with you” Ltd, is a non-registered company that claims to offer stakeholders a sizable return on their investments.
The company, which also promised to manage funds for its clients, has however obtained over N4billion from the public without fulfilling any of its claims.
Many petitions were written to the EFCC to investigate the operations of the company, whose services largely resemble those of a ponzi scheme.
The complainants claimed that the MD, Chief Nwokike, alongside his wife, were living in luxury at the expense of their client’s investments.
Investigations by the EFCC had revealed that a 10 percent interest was initially paid on invested capital, but was suddenly stopped for unknown reasons and all efforts by the depositors to retrieve invested money was in vain.
The company was also found out to have about six accounts that had the MD and his wife as the only signatories to the accounts.
During interrogations, Mr Nwokike denied operating both money lending, and investment businesses as alleged by his petitioners but accepted having a depositors fund with his company worth N4billion.
He claimed his company was a partnership business that encourages clients to deposit their money which in turn is infused into another business in order to make profit.
Nwokike also stated that his company’s challenges started as a result of the economic problems facing the country which affected his business. But his depositors have argued that his company already started defaulting even before the country’s economic woes began.
Investigations are however still ongoing to ascertain the extent of the company’s operations and the possible recovery of the funds.
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