EFCC arrests fugitive Ponzi scheme operator InksNation months after he was declared wanted

The Economic and Financial Crimes Commission arrested a Ponzi scheme operator and founder of InksNation, Omotade-Sparks Amos Sewanu.

It comes six months after the EFCC declared him wanted.

In a Twitter post on Friday, the anti-corruption agency noted that Sewanu had been arrested in Sokoto.

The tweet read: “BREAKING: Fleeing Ponzi Scheme Operator, Omotade-Sparks Amos Sewanu, caught by EFCC in Sokoto.”

In November 2020, the EFCC said InksNation’s Sewanu wanted for an alleged fraud worth N32 million while floating a digital currency called “Pinkoin”.

The EFCC also accused Sewanu of obtaining money under false pretenses and dropping his name in an infomercial.

Sewanu claimed he would eradicate poverty in Nigeria in six months by paying each citizen 120,000 N per month on the InksNation project which started in 2019.

In a letter he wrote to the EFCC, he said that even newborns born every day could earn up to N120,000 a day if his idea was allowed.

He went further in a tweet from InksNation’s official account to claim that if his mission fails in less than a year, he should be sentenced to life imprisonment.

In June 2020, the Stakeholders in Blockchain Technology Association of Nigeria called InksNation’s purported crypto coin, Pinkoin, a scam.

SIBAN warned that “members of the blockchain community and the general public should beware of the InksNation project.”

“We called it a scam because it has a model of a Ponzi scheme, whether or not promoters and followers concede to this reality.

“Sooner or later promoters and their followers will realize this, if they don’t already,” the association said.

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