Police rescue 20 hostages of Ponzi scheme syndicate in Ondo

No fewer than 20 persons held hostage by a Ponzi scheme syndicate in Oba Ile, Akure were rescued on Wednesday following an operation by men of the Ondo State Police Command.

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The police said one Sakariya Sadiq, 26, was arrested after some parents filed complaints of the disappearance of their children who are from Osun and Oyo States.

The victims were declared missing in November last year after they were supposedly called up for a job in Akure introduced to them by their friends.

“On April 24, 2025, the Command Surveillance team swung into action, and through intelligence-led policing traced the people held hostage to a residence at Oba-Ile in Akure,” Wilfred Afolabi, the state police commissioner, said on Thursday while parading the suspects.

“During the operation, one Sakariya Sadiq ‘m’ was discovered to be the prime suspect involved in the alleged criminal activities.

“The operation also led to the rescue of 20 victims held hostage by the said suspect at the residence in Oba-Ile, Akure, namely: One Rafiu Kehinde ‘m’, One Adebayo Nafisat ‘f’, One Mohammed Aishat ‘f’, One Jesujuwon Osuntoki ‘m’, One Mustapha Gbolahan ‘m’, One ibukun Samuel ‘m’, One Gbolahan Wasiu ‘m’, One Aminu Ifasina ‘m’, One Mohammed Sheifff ‘m’, One Adebayo Rohemat ‘f’, One Saheed Ibrahim ‘m’, One Ibrahim Adebayo ‘m’, One Adebayo Sukurat ‘f’, One Olawoyi Wasilat ‘f’, One Sholagberu Shakirat ‘f’, One Adeyemi Skukurat ‘f’, One Basari Saadiqq ‘m’, One Raji Taofeek ‘m’.”

Mr Afolabi said the victims were allegedly lured into joining a Ponzi scheme called “Quest International Company” under false promises of profit.

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“Each victim is demanded to pay ₦1,500,000.00 each, and also instructed to refer two others to the scheme as criteria to become a member of the group, after which they are denied access to their relatives,” the commissioner said.

“The suspect claimed that the money was for the victims’ Chi-pendants, Bio-Discs and accommodation. The suspect will be charged to court upon the completion of the investigation while efforts are also in progress to reunite the victims with their families.”

The development is coming when the nation is grappling with several failed Ponzi schemes, and millions of Nigerians are losing huge sums of money.

Authorities are investigating a N1.2 trillion fraud involving the Crypto Bridge Exchange(CBEX), which has affected over 600,000 Nigerians.

READ ALSO: Police arrest two, recover pistol, ammunitions in Anambra

Meanwhile, the police also apprehended a suspect, Oyebode Oluwakemi, for job racketeering after she allegedly defrauded her victim of N5.3 million.

The police said she had pretended to be securing government jobs for her victims with the intent of defrauding them.

“As a result of the dragnet spread across the state and the intensified manhunt, on April 28, 2025, detectives from the Special Enquiry Unit (SEU) Ondo State command, nabbed the suspect,” Mr Afolabi said.

“In the course of investigation, it was discovered that the suspect had defrauded many people running to the tune of two hundred and fifty million naira (#250,000,000.00). The suspect will be charged to court upon completion of the investigation.”