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Outrage as three Benue youths allegedly defraud agric investors of N900m

Ponzi Scheme

Outrage as three Benue youths allegedly defraud agric investors of N900m

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ADEBAYO FOLORUNSHO-FRANCIS writes on operators of an agricultural investment scheme, Denkol Farms, in Benue State, who allegedly swindled unsuspecting investors who waited in vain for the refund of their N900m investments

Hundreds of investors have petitioned Benue State Police Command and the Economic and Financial Crimes Commission over an alleged case of fraud and mismanagement of over N900m by operators of Denkol Farms, a failed agricultural investment scheme in Makurdi, the Benue State capital.

The aggrieved partners accused three directors of the scheme namely Denison Tsekohol, Fidelia Adasu Agera and Shenge Michael of stashing away their money and attempting to hoodwink them into believing they lost their rice, livestock and groundnut investments to flood in August 2021.

The development is coming in the wake of similar failed Ponzi investments such as Ovaioza Farm Produce Storage Business, Chinmark Group and Eatrich Farms, which has got Nigerians worried about the proliferation of the dubious schemes.

Founded in late 2020, Denkol Farms headquarters is located behind Living Faith Church in Mbaikya area of Makurdi.

The operators had lured thousands of investors via social media promotion in the late 2020 with mouth-watering returns-on-investments.

The PUNCH gathered that the partners were swayed into parting with huge payments running into N850m under a contractual agreement that the company would remit 25% ROI and initial capital at the end of every four months…

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