A 43-year-old company executive in Ibadan  allegedly defrauding people of over N128 million, in a fraudulent investment scheme has been arrested.

The Economic and Financial Crimes Commission, EFCC, arrested the suspect who had used his company DHIL Nigeria Limited, otherwise known as Crime Alert Security Network Investment, to defraud his unsuspecting victims.

 According to a statement released by EFCC spokesman Wilson Uwajaren on Friday, the arrest comes days after an Uyo-based investment CEO, Dominic Joshua, was taken in by the Special Fraud Unit of the police for an investment scam running into N2 billion.

The 21-year-old Mr Joshua had, via his company, Brisk Capital, promised stupendous returns on investments which he said we’re on crypto, Forex trading, real estate and oil and gas.

Many Nigerians in recent times had lost monies running into millions of Naira to several networking schemes, popularly known as ‘Ponzi’ schemes.

Mr Uwujaren said that the suspect was arrested following a series of petitions received from some of his victims.

He said the petitioners alleged that the suspect had, through his company, persuaded them to invest in a network scheme which offered a monthly return of 30 per cent on investment.

The EFCC spokesperson said that some of the victims claimed  the alleged suspect persuaded them to invest after listening to his weekly radio programme.

“The victims alleged that after investing their monies, they neither received the promised interest nor got a refund of their capital investment,” he said.

In its investigations, Mr Uwujaren also said that the commission found that the suspect operated a classic Ponzi scheme and had defrauded hundreds of people, some of whom reported orally to the commission.

He said that petitions were still pouring into the commission daily from the suspect’s alleged victims.

“It was discovered that DHIL Nigeria Limited, the vehicle used by the suspect to scam his victims, was also not registered with the Central Bank of Nigeria, as a financial institution,” he said.

The EFCC spokesman said that five exotic cars, three landed properties and other incriminating documents were recovered from the suspect who, he said, would be charged to court as soon as investigations were concluded