FRAUDULENT investment companies, otherwise known as “wonder banks,” once again have resurfaced in the country and are continuing to put many households in deep financial mess, National Daily checks revealed. They come in different shades and with outrageous incentives all to lure the feeble-minded and greedy investors across the states of the federation.
The latest case of the wonder bank mess is rocking peace of Kastina State. At the centre of the investment saga is Trend Resources Limited which lured residents of Kastina with a mouth-watering promise of 70 per cent interest on any cash deposits made. But the depositors are currently in a dilemma as their hard earned cash put at millions of naira appear to have gone with the winds and now subject of letigation.
From Katsina metropolis to Funtua local government, some two hours’ road distance, corps members, business men and women as well as salary earners in public and private sectors, came in large numbers to invest with hope of getting quick turnover on their initial deposits and huge interests.
Minimum investment with Trend Resources Limited had been N5, 000, with maturity period of 21 working days. An investor therefore is expected to get N3, 500 interest on the initial deposition, raising the capital to N8, 500. The depositors could chose to reinvest part or all of it, or take entire money away.
Those who invested in early months of the company’s operation had cause to smile as they got returns as promised. National Daily gathered that as soon as the news of the bumper returns spread in the state, many more prospective investors besieged the company some making a million naira and more deposits.
However, it was gathered that in late May this year, the table turned on the depositors as some of them who visited the company’s offices at the Yahaya Madaki Way to collect interests found none of the employees but only tables, chairs and some computers.
National Daily learnt that several of the investors, on realizing what had happened, collapsed, and a few were rushed to hospital. Others just cried their hearts out.
But the courageous investors however smashed the window glasses and forced open the office doors to remove computers, documents, and just anything they could lay their hands on to recover part of their funds, our sources said.
Timely intervention of the police, we learnt, calmed the angry investors, some of who had contemplated torching the office.
An investor in the company, Susan, 30, a classroom teacher had invested N50, 000 in early March. She was credited N85, 000 after maturity date, and she thought it good to reinvest the entire amount and got another 70 per cent increase.
This she did for three months, and then decided to encourage her friend, Martha, to invest in the company. The month Martha invested her N40, 000 was when the organization’s authorities fled with the investors’ money, she narrated.
Now, Martha and Susan are ‘back to square one’ as they say, and the issue had soured their relationship somewhat.
Another victim of circumstance was Mrs. Inusa. Even after several warnings from her children, she nonetheless decided to invest N100, 000 in the company and was counting her eggs days before maturity period.
But her children had cause to criticize and make jest of their mother when news floated that the company had fled with her money and those of other investors.
