As part of the ongoing probe of the laundering of over $200billion loot in the United Arab Emirates (UAE) by former political office holders, operatives of the EFCC today, July 13th 2016, stormed the office of a Dubai property firm, The First Group Company, in Abuja.
According to Sahara Reporters, the real estate development company located on the seventh floor of the Bank of Industry building of the Central Business District, Abuja, is same one featured in its investigations into the alleged properties belonging to Army Chief of Staff Tukur Buratai.
The EFCC team raided the company’s seventh-floor office after obtaining a search warrant. The company is also being investigated for allegedly defrauding unsuspecting Nigerians by luring them to invest in real estate in Dubai. A prominent Nigerian is alleged to have lost about $402, 000 in a phony real estate transaction with the company.
Sources from the EFCC have told SaharaReporters that The First Group scammed Nigerians out of more than $200 billion. Investigations by the EFCC also revealed that the company known as TFG Real Estate Limited, which operates in Nigeria, is fronting as The First Group company which according to sources is based in Dubai and not registered in Nigeria.
The First Group, which operates as a Ponzi scheme, entices Nigerians to invest in Dubai properties and forces them to make payments. When they can no longer service those payments the company seizes their money.
Source:: Linda Ikeji Blog