Ponzi scheme operator arrested for alleged N1bn scam in Nigeria

The Zone Six Police Command with headquarters in Calabar, Cross River State, has arrested a fleeing operator of Swizz Gold Ponzi Scheme, Lizzy Efah, over alleged fraud.

She was alleged to have collected over N1bn from unsuspecting ‘investors’ with the promise to pay back the capital with interest of between 50 and 80 per cent in 40 days.

Southern City News learnt that Efah, who operated her Ponzi scheme named Golden Achievers, was arrested in one of the border communities in Ikang, Bakassi Local Government Area of Cross River State by operatives of the command’s Special Anti-Robbery Squad while attempting to escape to Cameroon.

She had been under serious pressure to pay back investors’ funds after it became clear that she could not meet up with the payment agreement.

Her arrest caused stir on Wednesday and Thursday as several victims who had invested millions of naira in the scheme thronged the command’s headquarters, possibly in a bid to urge the police to compel her to pay back their capital.

The Zone Six Public Relations Officer, Nelson Ukpabi, confirmed the arrest of Efah, disclosing that she was being investigated and would be charged to court as soon as investigations were completed.