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Ejigbo residents lose N8 million to fake Microfinance bank

Residents and business owners in Ejigbo community were thrown into confusion following the discovery that an alleged investment company posing as a microfinance bank operating in the area was operating under false pretense to swindle them of their money.

According to reports, the company identified as Golden Grace Investment Company, located at Idimu road Ejigbo, Lagos Mainland defrauded its customers to the tune of N8million before its members of staff fled the area.

It was gathered that the customers, having made savings into the stipulated bank account suspected danger when they approached the bank at the end of the investment period to get back their capital and interest but discovered that the company could not meet its own part of the agreement.

During the ensuing argument, the customers also discovered that some of the staff of the company were no longer available when they visited the office at different intervals.

The customers subsequently reported the matter to the Police and three staff of the company, Bisoye Amoo, Bankole Tolulope and Gbenga Victor were arrested. Meanwhile, seven other persons including the Managing Director of the company were said to be at large.

Upon investigation, the Police discovered false documents bearing the name of the fake company in their possession.

The matter was however charged to the Ejigbo Magistrate court where the arrested suspects were arraigned.

According to Echo News, the prosecuting Police officer, Mr. Samuel Nwankwo read out the eight count charges which he argued were punishable under the criminal law of Lagos State.

During the hearing, the defendants were granted bail each in the sum of N1million with two sureties each. Each of the sureties were expected to be a property owner in Lagos State and gainfully employed with N30,000 tax verification.

The case was adjourned till July 4, 2018, with the defendants remanded in police custody until their bail conditions are met.



Idris Aina
Idris is a media and communications professional with keen attention to details. An entertainment enthusiast, he is an ardent fan of the team from the Red Side of Manchester with love for football banters. He tweets with the handle @arlomah.