The Economic and Financial Crimes Commission, EFCC, in Enugu, yesterday arrested the Managing Director of an Enugu-based ‘wonder bank’ named ‘Lets Partner With You Ltd’, Chief Patrick Shanchi Nwokike, at his residence in Enugu State.
A press statement from the office of EFCC in Enugu said his arrest was necessitated by petitions from many Nigerians cutting across religious, gender, ethnic, economic and social status.
EFCC said reports gathered indicated that his company, since the past five years obtained over N4 billion deposits from members of the public with promise of paying huge interest in return.
EFCC said their investigations so far revealed that the company has no license to solicit and manage funds for the public and was not registered with Securities and Exchange Commission, (SEC) or the Nigeria Deposit Insurance Company (NDIC).
According to EFCC, further investigations revealed that the 10 per cent interest the company reached in agreement with its depositors was only paid for a while before further payment of in-terest stopped automatically. With the development, all efforts by depositors to withdraw their original deposit and have the contract terminated proved abortive.
The commission said that many of the complainants alleged that the operators of the scheme es-pecially, the Managing Director, Chief Nwokike, lives a flamboyant lifestyle and acquired several personal assets and uses their deposits for philanthropy.