EFCC arrests ‘Pinkoin’ investment scheme operator over ‘N32m fraud’

The Economic and Financial Crimes Commission (EFCC) says it has arrested one Amos Omotade-Sparks, identified as the operator of the “Inks Nation ponzi scheme” for allegedly defrauding people to the tune of N32 million.

The anti-graft agency noted that Omotade-Sparks, who hails from Badagry in Lagos state, was declared wanted in November 2020 for masterminding a “huge pyramid investment scheme”.

EFCC, in a statement on Friday by Wilson Uwujaren, its spokesperson, said the suspect was arrested in Sokoto on Thursday.

The agency noted that the suspect had floated an online digital currency, which he had urged people to invest in.

“Omotade-Sparks, who hails from Badagry, Lagos State, was declared wanted by the EFCC in November 2020 after efforts to apprehend him failed,” the anti-graft agency said.

“He is the alleged mastermind of a huge pyramid investment scheme through which many citizens were defrauded of monies to the tune of over thirty-two million naira.

“He had floated a phony online digital currency called “Pinkoin”, which lured many Nigerians to invest between one thousand naira to one hundred thousand naira with a promise of unrealistic returns and went ahead to distribute a payment card called “Pink Card” to further confuse his victims.

“Omotade-Sparks equally made false claims that he was in partnership with the EFCC to persuade people to invest in his devious scheme.”

“The scammer was not licensed to operate a financial institution. He will be arraigned in court at the conclusion of investigation.”