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Police arrest operator of fraudulent ‘bank’ in Abuja

The Federal Capital Territory (FCT) Police Command has arrested one Elvis (other name withheld), coordinator of an alleged fraudulent cooperative credit and thrift outfit.

The fraudulent cooperative thrift, Metro gathered had been used to defraud unsuspecting members of the public who were predominantly petty traders of their hard-earned money through a purported loan scheme.

The suspect, when arrested at Jikwoyi, was in possession of N828,000 proceed of the day’s collection.

It was learnt that Elvis confessed to the crime and had been cooperating with the police in its investigation, while efforts had been intensified to arrest his cohorts, who were at large.

Police investigation revealed that the cooperative deployed its agents at market places and other strategic spots to scout for potential customers who were encouraged to take up the juicy loan offer of the cooperative.

It was also gathered that the customers were then cajoled to register with the cooperative with the sum of N2,000, sequel to which the customer would be requested to deposit cash up to 20 per cent of the total loan with the cooperative before the loan would be approved to the customer.

Investigation further revealed that so far, victims of this fraudulent act numbering over 600 had deposited N6,498,000 with Best Plan Cooperative Credit and Thrift without securing the loan promised them by the operators.

Over 80 victims, Metro gathered, have come out to volunteer their statement to the police on the nefarious activities of the so-called cooperative and how they were lured into parting with their hard-earned savings.

The FCT Commissioner of Police, Muhammad Mustafa, has assured members of the public that the command would carry out a discreet investigation that would see to the proper prosecution of those involved in this fraudulent act.

He enjoined FCT residents to always verify and carry out thorough background check on cooperatives or organisations approaching them with loan offers to forestall being defrauded.