SEC Begins Verification Of 4,160 Investors In Dantata Ponzi Scheme

The Securities and Exchange Commission (SEC), on Tuesday said began verifying claims of 4,160 unpaid investors of the illegal investment scheme organised by Dantata Success and Profitable Company on Monday, July 15, 2019.
While the exercise is expected to last till Saturday, July 20th, 2019, the commission said in a statement that investors were required to go along with the original receipts evidencing their payments or bank tellers for deposit into the company’s account, a valid means of identification and bank account details.
It said the verification exercise was sequel to the appointment of joint administrators/trustees for the company, pursuant to section 13 and 173 of its enabling Investment and Securities Act (ISA 2007), and consequent upon an Ex parte Order granted by the Federal High Court, Kano.
The verification exercise is scheduled to hold in Kano from 9:00am to 4:00pm daily.
A breakdown shows that while 478 investors were scheduled for verification on Monday; 780 were billed for Tuesday; followed by 1,272 on Wednesday and Thursday; with remaining 1,630 for Friday and Saturday.
“All unpaid investors are necessarily advised to attend in person as attendance by proxy is not acceptable,” the commission added.
Recall that SEC had in February sealed off the premises of Dantata Success and Profitable Company in Kano for engaging in illegal capital market activities, failing to register with the commission before going into investment operations that fall within fund management
The SEC had accused the company of soliciting funds from unsuspecting members of the public by enticing them with returns of monthly interest on the investment of between 25 to 50%, depending on the nature and type of the investment.
As part of its operational mode, the company sold forms to prospective investors according to their investment plans ranging from N1,000 to N3,000, with the minimum amount investable being N50,000 and a maximum amount of N5m.