Mr Delgado’s scheme involved soliciting victims to invest substantial sums of money under false and fraudulent promises of monthly returns.
Bossetti pleaded guilty to wire fraud and tax evasion charges following his indictment earlier this year.
One of the victims said, “The $200 is for those with investments above $1,000. All those below are asked to pay $100.’’
“We warn that this is economic sabotage in plain sight. We demand that this reckless borrowing plan be halted immediately,” stated Mr Abubakar.
The police chief said the operation led to the rescue of the victims, who were allegedly lured into joining a Ponzi scheme called “Quest International Company.”
To lure the unsuspecting public, CBEX avoided being regarded or seen as a “Ponzi scheme, projecting itself as a digital trading investment platform.
The Ponzi scheme, cloaked as a digital trading investment platform, claimed to double the deposit balance of investors within 40 days.
Mr Yuguda said the commission had been fighting a serious war against Ponzi schemes where people without licenses extort money from unsuspected victims.
In June 2021, the EFCC announced it arrested a couple, Emmanuel and Victoria Jaiyeoba, in Ibadan for defrauding investors in over N935 million Ponzi schemes.
Mr Madoff was jailed in 2009, after pleading guilty to running a decades-long Ponzi scheme.
