While some were weeping, others went furious destroying any property at sight at the two storey building housing the financial institution.

Apparently oblivious of the saying ‘once beaten twice shy’, the victims numbering over 1000 contributed thousands of naira from their daily sales to the conmen operating under the banner of Ayonitemi Co-operative Business Finance at Oniyangi House, Emir road, Ilorin, Kwara State capital.

City Rove recalls that similar incidence occurred last year where a wonder bank swindled hundreds of contributors, mostly of small scale businesses at Upper Taiwo road, Ilorin.

The victims were defrauded to the tune of N25million by the runaway financial operator.

At Emir’s road Ilorin yesterday, victims of the fraud appeared despondent with some of them who volunteered to speak, cursing the fraudsters.

Owner of the storey building where the alleged fraudsters were operating whose name could not be ascertained at the time of this report yesterday was said to have been threatened by the angry mob to either produce the runaway swindlers or be ready to face assaults.

Findings showed that the identities of the conmen were still shrouded in mystery as no one could readily tell their where about.

It was gathered that the victims, after filling forms at non-refundable fees of N500 and N1000 respectively, were asked to make their contributions starting from N4000 with assurance that what they get in return would be in manifolds.

What each depositor receives at the end of the day would be based on their contributions but the least amount to benefit from the scheme is N4000.

According to a handbill scooped at the vandalized office of the ‘wonder bank’, N8,000 deposit would attract loan of N40,000; N12,000 contribution would attract N60,000; N16,000 depositor would receive loan of N80,000; depositor of N20,000 would get N100,000 loan; N32,000 contributor would receive N160,000 while N40,000 depositor would get N200,000 as loan.

Investigation revealed that deposit of N4000 would attract N20,000 to the depositor while he or she would be servicing the largesse in sum of N550 with assurance that the N50 on the return would be for the contributors.

City Rove reports that some contributed as much as N50,000 while some people teamed up to contribute N500,000, N400,000 and N300,000 each in readiness for the money.

Trouble started when depositors who assembled as early as 7:30am at the frontage of the complex of the financial institution had inkling that they might have been defrauded since no member of the syndicate surfaced in preparation for disbursement of the largesse.

A victim, Rabiat Wahab who spoke to our reporter, said, “they (runaway fraudsters) advertised to us that if we deposited N4,000, we would get N20,000 loan in return while we would be repaying the loan in the sum of N550. They told us that the N50 on N550 would be ours. We bought membership form of N500 and later it was increased to N1000. And we were categorically told that in the next four weeks, we would be receiving our loan starting from Tuesday (yesterday).

“They even told us that they don’t use Police but soldiers in case of defaulters. One funny thing is that they asked us to look for people they would employ so that they could be assisting them in running the day to day affairs of the office”.

“Today (yesterday, we converged here and made call to their telephone numbers. Suddenly, we were told that they were fraudsters, they had run away. That is why you see depositors arriving here one after the other.

“They started operating here three weeks ago, we didn’t know them from anywhere before now. Since they gave us assurances that in the next two or three weeks, we would start receiving our loans. We didn’t have any inkling that they were fraudsters. My own money is N24,000 and they assured me that if I was able to deposit N32,000, I  would receive N160,00 loan.

“They told us they had their headquarters in Oyo and when we made call to the phone numbers they gave to us, those who picked the call claimed they didn’t know any business finance bearing Ayonitemi.

Also speaking, Mrs Nimota Moshood claimed that the fraudsters collected a sum of N500,000 from her having told all depositors to come for their loan this morning (yesterday).

She described the incidence as frustrating and urged security agencies to help fish out the perpetrators.

In the same vein, one Hajia Sifatu Tijani, told City Rove that from her on own end, the runaway financial operators collected a sum of N500,000.

She stated that the alleged fraudsters were still strangers to her, but the secretary who lured her into making the deposit had been apprehended.

Hajia Tijani said she started suspecting the conduct of the financial operators since last Friday.

When City Rove visited the apartment where the alleged fraudsters were using as office, forms bearing names and passports of depositors were seen littering the ground.