Securities and Exchange Commission says it has sealed up the premises of Yuan Dong for unacceptable investment operations in the country .
The Head, Corporate Communication of SEC, Mr Naif Abdussalam , in a statement on Sunday in Abuja , said the closure was to end unlawful activities of the company against unsuspecting investors .
“ Investments in the scheme range from a minimum deposit of N 10, 000 to a maximum deposit of N 240, 000.
“ The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis.
“ The company promises a daily profit of N 80 and N 2, 400 depending on the category of investment, ” he said .
Abdussalam said the commission’ s investigations showed that the company also enticed its customers with payment of bonuses should they convince more investors to invest in the scheme .
He said that the commission had established that the company’ s activities also constituted a breach of the Investment and Securities Act ( ISA ) , 2007.
“ Furthermore it was discovered that contrary to their supposed existence in over 20 locations across the country , the company only has functional offices in Asaba , Kano and Abuja .
“ The promoters of these illegal operations have been arrested by the Nigeria Police Force and are undergoing interrogation .
“ The Commission wishes to notify the investing public that the company is not licensed to carry out investments business of any type and as such its operations are illegal , ” he said .
Abdussalam advised the public to exercise due diligence and caution in the course of making investment decisions .
He said valid licence of lawful operators could be obtained on the commission’ s website by members of the public to confirm the licences of firms they intend to carry investment activities with .
Looking for a story and couldn't find it on Homepage?
Readers with the highest number of comments will Get TWO premium COMPLETE STORIES for FREE every week. Always leave a comment on every story and stand a CHANCE