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The Economic and Financial Crimes Commission, EFCC, have arrested the Chief Executive Officer of Gavice Logistics Limited, Ahamba Tochukwu, for allegedly defrauding several investors in his logistics investment schemes to the tune of N2 billion.
According to a statement released in Abuja on Wednesday, the anti-graft agency said Tochukwu used Gavice Logistics Limited to launch investment packages in haulage, courier, and e-commerce services, luring investors with promises of a 50 per cent return on investment.
The statement, signed by EFCC’s Head of Media and Publicity, Dele Oyewale, disclosed that more than 400 people invested in the scheme, losing over N2 billion when the funds could not be recovered.
Investigators found that Tochukwu disappeared with the investors’ funds in November 2024 before being tracked down and arrested by EFCC operatives. He is currently being questioned over what has been described as a Ponzi-style fraud.
The EFCC cautioned Nigerians against putting their money in dubious investment ventures.
“With his arrest, members of the public are advised to desist from patronising unverified pyramid schemes and fraudulent investment promoters in order to avoid being defrauded,” the EFCC warned.
Earlier in May, the Commission had raised similar concerns, warning especially young Nigerians to avoid Ponzi schemes, describing them as destructive and harmful to national security and economic stability. At the time, it revealed that no fewer than 58 illegal operators had duped Nigerians under the guise of investment opportunities.
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Source: TheStreetJournal | Read the Full Story…
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