TheIbadan zonal office of the  Economic and Financial Crimes Commission, EFCC, has arrested Ayodele Saheed Olaniyi for allegedly defrauding unsuspecting investors over N343,880,000.

Olaniyi’s arrest followed a petition to the EFCC in February this year over which he was investigated by the anti-graft operatives.

EFCC spokesman, Tony Orilade in a statement alleged that Olaniyi duped 89 persons collecting money from them at various times amounting to N343,880,000.

It was also disclosed by the EFCC that Olaniyi had persuaded his victims into investing in a network structure called “Beerbanc Traders’ Network”, in which the participants would pool resources together to establish a beer retailing business.

Orilade added, “The proceed was expected to be shared every month among the investors and the purported coordinating company.

“But rather than bring succour, Olaniyi accentuated their frustration as they neither received a dime as profit on their investment since October 2018, nor did they get their invested money back.

“Investigations into the petition revealed that the suspect was operating eight different accounts through which he enlisted 114 people into the phoney scheme. It was also established that a sum of N396.5 million found in the accounts were never invested in any business.

“It was also established that the company under which Olaniyi was operating the business was not registered with the Central Bank of Nigeria as a financial institution.

“After taking his statement and conducting a search on his house and business address at Oluyole, Ibadan, he was granted administrative bail; he was, however, unable to meet the terms.

“However, having realised that it was game up and that there was likelihood of him facing the consequence of his actions, Olaniyi tried playing a smart one on the Commission, as he feigned illness.

“He claimed to be suffering from Hepatitis B in a bid to secure his release on health ground.

“However, a medical laboratory test conducted on him established that he was not infected as he claimed”.

However, EFCC said at the conclusion of investigations, Olaniyi would be arraigned before a court of competent jurisdiction.