Caught at last! EFCC arrests man behind multi-billion naira ponzi scheme

Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested the Chief Executive Officer of Gavice Logistics Limited, Ahamba Tochukwu, for allegedly defrauding hundreds of investors through a bogus logistics investment scheme worth over ₦2 billion.

In a statement issued on Wednesday in Abuja, EFCC spokesperson Dele Oyewale said Tochukwu lured investors with elaborate plans covering haulage, courier, and e-commerce services, promising a 50 per cent return on investment.

Investigations revealed that more than 400 investors paid into the scheme but were unable to recover their capital after the company collapsed. According to the commission, Tochukwu went into hiding with the funds in November 2024 before his recent arrest.

The suspect is currently in EFCC custody and undergoing interrogation.

The anti-graft agency used the arrest to warn Nigerians against patronising unverified investment platforms, describing Ponzi schemes as a serious economic threat.

“With his arrest, members of the public are advised to desist from patronising unverified pyramid schemes and fraudulent investment promoters in order to avoid being defrauded,” the EFCC cautioned.