Omotade-Sparks Amos Sewanu, the founder of InksNation, an elaborate Ponzi scheme, has been arrested by the Sokoto Zonal Office of the Economic and Financial Crimes Commission (EFCC).
The EFCC had declared the Ponzi scheme operator wanted in November 2020 over alleged cryptocurrency fraud to the tune of Thirty-Two million Naira ($82,000). The crime commission said Sewanu was arrested on Thursday, May 27, 2021, and has made a “useful statement”.
Inksnation, promoted under iBSmartify Nigeria claims to have invented a philanthropic blockchain platform that can end poverty in any country in less than 9 months. Other claims include inventing the world’s first reserve cryptocurrency called PinKoin and Africa’s first QR debit card called Pinkard.
Read Also: Six common Bitcoin myths you should know
BusinessDay reported that nearly 200,000 Nigerians – with over 5000 people active daily, still claim membership of a Telegram group created by InksNation.
“He had floated a phony online digital currency called “Pinkoin” which lured many Nigerians to invest between N1000 to N100,000 with a promise of unrealistic returns and went ahead to distribute a payment card called “Pink Card” to further confuse his victims,” the EFCC said in a statement.
Earlier in 2020 when it unleashed a series of online campaigns to attract users to its platform, the SEC had to issue a statement warning Nigerians that the activities of iBSmarty were illegal.
Sewanu was born in Badagry, Lagos State. The EFCC plans to arraign him in court “at the conclusion of the investigation.”
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
