Over 950 investors have reportedly lost over $200,000 to another Ponzi scheme in Ibadan, Oyo State capital.

The development, as made known by some of the investors at a press conference in Ibadan on Wednesday, has resulted in the death of no fewer than five persons, while some are bedridden.

Speaking on behalf of the victims, Mr. Ayobami Mustapha said they were lured into the investment by one Enoch Adeoye and his cohorts at Agape Trade and Agape Thrift.

He submitted that they (Agape Trade) assured them of mouthwatering returns on a minimum investment of US$200.

He said, “We were initially drawn to Agape Thrift and Agape Trade through various channels, but not limited to street marketers, eye-catching fliers, and persuasive online ads.

“We were made to believe that it is not a Ponzi scheme, but a government-recognized investment scheme.

“Not up to one tenth of the investors were able to collect a two-month return on their investment, which runs to millions of naira.

“After the initial payment on the deposit, the operational office at Ago Tapa, Mokola has been put under lock and key while the whereabouts of the man in charge remains unknown.”

He stated that the development has pushed them to officially write a petition to the Economic and Financial Crimes Commission (EFCC) through its Ibadan zonal office.

The investors in the petition demand a thorough investigation into what they described as a criminal act, as well as the prosecution of whoever is found culpable of the heinous act.

The petition, which was signed by Dapo Akinosi of Swift Magnate Solicitors and LP, reads in part, “It is our candid opinion and respectful submission that this despicable acts of the suspects on our clients are not only illegal and unlawful but amount to criminality to which extant laws of the land frowns at and to which your good office is saddled with the constitutional to apprehend, investigate accordingly if found culpable.” (Nigerian Tribune)

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