The Ibadan office of the Economic and Financial Crimes Commission has arrested 27 suspected operators of a Ponzi scheme.
The anti-graft agency said the operators allegedly gave loans to unsuspecting members of the public who register with them after 10 percent deposit of the total loans sum and charge 15 to 20 percent interest on all the loans granted.
Reports say these companies have branches with thousands of customers spread across Oyo, Lagos, Ogun, Ondo, Kwara states.
A statement by the commission said several copies of hand flyers for advertisement of their activities and laptops were recovered from them at the point of arrest.
