Kano Anti-Graft Agency Partners SEC To Check Ponzi Scheme Operators Activity

Kano State Public Complaints and Anti-Corruption Commission (PCACC) has pledged its support to the Securities and Exchange Commission (SEC) effort to flush out all illegal funds managers operating in the state.

The pledge was made by the chairman of the commission Barr Muhuyi Magaji Rimin Gado on Wednesday when he received the management of the Kano zonal Office of SEC  in his office.

A statement issued by Director Special Assignment of the Commission, Usman Bello and forwarded to Solacebase on Wednesday said the commission is seriously concerned over the number of cases being received on the activities of these investment scammers.

‘’Illegal investment operators are cashing on business mind-set of the Kano people and the prevailing economic situation in the country to lure unsuspecting individuals into putting their monies with the hope of getting a high return on their investment, ‘’said  Muhuyi Rimin Gado.

According to the statement, many people lost their legitimate monies especially women to this dubious businesses adding that the commission will surely put in its best in the war against the perpetrators.

He then called for the appointment of desk officers at the two commissions to strengthen collaboration between them.

Read Also: Why Bank Of Agriculture Is Still In Distress – Nanono(Opens in a new browser tab)

The statement said the leader of the delegation Alhaji Abdulbaqi Ango who represented the Head of the Zone said they were at the commission to seek its support in carryout their mandates of regulating and development of the capital market in the country.

He commended the PCACC for contacting his commission on complaints bordering on capital investment especially the activities of the illegal funds’ managers.

Ango noted that the commission has closed down some of these Ponzi schemes in the state and is determined to wipe them out of Kano with the support of critical stakeholders like PCACC to save the people from falling victims.

He then emphasized the need for people to be careful when planning to invest their monies as unregistered and fraudulent operators are now baiting unsuspecting investors with incredible returns within a short period of time.