EFCC sources disclosed that
the modus operandi of the company was to lure innocent Nigerians interested in
owning properties in Dubai, into parting with their hard-earned money.
The offices of The First
Group company a real estate firm located on the seventh-floor of the Bank of
Industry building in the Central Business District, Abuja, were yesterday
sealed by the Economic and Financial Crimes Commission (EFCC).
The company, according to
those in the know, incurred the wrath of the commission following receipt of
complaints that it was engaged in a phony real estate scam in which innocent
Nigerians were duped to the tune of $200 billion.
It would be recalled that
operatives of the EFCC had in May 2016 raided the offices as part of
investigations into the alleged property fraud.
During the raid, several
implicating documents were discovered, including a list of high profile
patrons.
Investigations into the
scam, operatives said, revealed that the company, originally known as TFG Real
Estate Limited, operates in Nigeria in the guise of being The First Group
Company, a Dubai-based real estate firm, which is not registered in Nigeria.
A source said such
unsuspecting Nigerians are mandated to make the payments in installments, which
are deliberately structured in a way that the debt is difficult to offset, and
as soon as one defaults, the company seizes the money.
As at the time of
publishing this report, the company was yet to react to the sealing of its
offices by the EFCC.
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