The Economic and Financial Crimes Commission (EFCC) has sealed off the office of the First Group company, a real estate firm located on the 7th floor of the Bank of Industry building in the Central Business District, Abuja.
The company was implicated in a phony real estate deal in which innocent Nigerians were duped to the tune of $200 billion.
The source said: “Operatives of the EFCC had in May 2016 raided the office as part of investigations into the alleged property fraud. Several implicating documents were discovered, including a list of high profile patrons.”
Operatives of the EFCC had in May 2016 raided the offices as part of investigations into the alleged property fraud.
Several implicating documents were discovered, including a list of high profile patrons, our sources said.
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.
EFCC insiders said The modus operandi of the company was to lure innocent Nigerians interested in owning properties in Dubai, into parting with their hard-earned money.
“They are mandated to make the payments in installments; however, the payment is deliberately structured in such a way that the debt is difficult to offset, and as soon as one defaults, the money will be “seized” by the company,” a source said.
