ICPC Arrests Man for Operating Fraudulent Loan Scheme

The Independent Corrupt Practices and Other Related Offences Commission (ICPC), has arrested the ringleader of a fraudulent group that has been swindling unsuspecting Nigerians of their money through a fraudulent loan scheme tagged “President Mohammadu Buhari Poverty Alleviation Programme.”

Acting on a petition by a concerned citizen, operatives of the Commission uncovered an ingenious criminal scheme being perpetrated by the group led by Umanah Ekaete Umanah who, riding on the promise of the new government to provide a better life for ordinary people to promote innovation in business and encourage entrepreneur development.

The scheme “No Burn Global Limited,” under the auspices of Magic Project Multi-Purpose Cooperative Society, offered to beneficiaries interest-free and collateral-free loans up to the tune of One Million (N1,000,000) Naira repayable over a period of 10 years. The beneficiaries had the option of repaying weekly (N2,100) or monthly (N8,400).

However, to secure this loan, the applicant had to pay for an application form and a processing fee of Seven Thousand (N7,000) and Five Thousand (N5,000) Naira respectively.

Further investigations by ICPC revealed that in spite of the fairly large number of applications over the period of time the group had been operating, not one applicant had received the loan.

Findings also indicated that “No Burn Global Limited” was neither registered with any financial institution, the Central Bank of Nigeria (CBN) nor the Abuja Municipal Area Council (AMAC) and therefore did not have appropriate authorization to carry out investment or financial services.

It became obvious that Mr. Umanah and his group’s hoodwinking of unsuspecting clients into paying the said sums for the purpose of the supposed loan was the actual target of the whole fraud scheme.

The suspect whose action violates and is punishable under Section 25 of the Corrupt Practices and Other Related Offences Act, 2000 will be charged to court accordingly.

ICPC hereby issues this notice as a warning to members of the public to be wary of shady individuals and groups who make offers of financial deals that are too good to be true. People should always conduct checks with relevant authorities before committing their resources into business deals that promise fantastic returns. The rule of the thumb should be “if it’s too good to be true, then it probably is.”