‘Microfinance Bank’ Defrauds Customers Of N50m


An alleged microfinane bank has defrauded its customers of over N50 million in the Idimu area of Lagos. The 'bank' was said to have collected the sums from the victims and promised to refund them after a particular date. It was learnt that the operators of the 'bank' fled their office two days before the given date. Residents of the area said they ahd moved out at night to avoid suspicion.

Police in the Area M Command are yet to make arrests but have assured that the matter was under investigation. Sources at the command told PM Express that the number of victims has continued to rise.

Austin Akika, an Assistant Commissioner of Police in the command, had recently warned residents of the area to be wary of mushroom cooperatives and micro finance companies. He said they had defrauded many citizens of their hard earned money.

Akika was speaking at a function to enlighten youths of the area against crime.

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