Osemwengie duped investors with the promise of 50 per cent in return for their investments, Peoples Gazette reports.
The founder of HO Corn, Harrison Osemwengie has been declared wanted by Interpol over multi-billion-naira investment fraud.
This is according to a warrant of arrest issued from the Central Crimes Registry.
“A warrant of arrest has been issued by the chief magistrate court Lagos. He is wanted by the police for the offence of obtaining money under false pretence and investment fraud and threat to life,” the special police bulletin said.
Mr Osemwengie, during a media campaign in February 2020, promised that his firm would offer a 50 per cent return on investment (ROI) after six months to anyone willing to take advantage of it.
Subsequently, many people bought into it but there was no return on investment as promised by Osemwengie.
It was learnt that the investment funds run into billions of naira.
Foundation for Investigative Journalism spoke with an investor who said Mr Osemwengie would be able to afford the outrageous returns.
“I remember the presenter asking Osemwengie if he was sure his company would be able to pay the agreed 50 per cent ROI and tell the public that the business was well insured in the event of a disaster,” the investor said.
The report also added that Mr Osemwengie’s company would send photographs of farms that did not belong to them to investors.
In July 2020, investors began to complain about non-payment of promised ROIs, raising doubts about the company’s authenticity.
“When this happened, HO Corn quickly issued a statement blaming the pandemic and the lockdown for its inability to make payment. It, however, promised that by August, investors would get their money,” another investor told FIJ.
FIJ’s independent investigation revealed that the company left its third-floor office at the Africa Reinsurance Building, Karimu Kotun Street, Victoria Island, Lagos, without informing its investors.
Source: Sahara Reporters.