A Kano State High court presided over by Justice Nuhu Galadanchi on Wedneday sentenced three men; Akinbode Olusegun Seun, ,Amure Iliasu Ademola and Obajobi Wale to seven years imprisonment  respectively for fraudulently obtaining more than N11,000,000.00 (Eleven  Million  Naira) from members of the public through their fake company Delad ventures.

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The three fraudsters were arrested some three months ago by operatives of the Economic and Financial Crimes Commission (EFCC) following a deluge of petitions written by over 500 aggrieved victims of  Delad Ventures who were given false hopes of a 100% return on investment within a four-week period.

After a thorough and prompt investigation by the EFCC, it was revealed that the company was not registered with the Corporate Affairs Commission neither was it licensed by the CBN and SEC to engage in Foreign Exchange transactions as claimed. They had told their gullible victims that their business engagements included FOREX Trading, Stock Trading, E- gold etc and had instantly attracted several clienteles who later found out that the claims were spurious.

Further investigation revealed that over N6million of the stolen funds were lodged in several bank accounts  belonging to the three men. Additionally, over N1.7million cash was retrieved on the convicts the day they were arrested.

Presently, the sum of N8, 721,760.72 and $ 1,530.00 USD have been recovered and paid back to the investors in ratio that equals the invested funds by each of them. The recent conviction was one of several such cases being investigated by the EFCC .The commission had over the years warned members of the public on the dangers of investing their hard earned monies on such dubious investment companies which promise over a 100% returns within a short period of time.