Illyasu was said to have secured an office opposite the Presidential Banquet Hall for his activities. Investigation by the EFCC showed that he successfully swindled the Managing Director of Galaxy Investment, Babagana Dalor, out of ₦500m. Dalor is also under EFCC probe for operating a Ponzi scheme.
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Illyasu was also said to have defrauded Union and Allied Engineers Ltd. of ₦70m. His other victims include Excel Technology Ltd., which lost ₦50m to him, Arabo and Co. Ltd., ₦50m; Crystal gate Ltd., ₦25 million; Diamond Global Fencing, over ₦27m and many others.
A source stated, “The suspect collected the money with the promise of using his office to facilitate contracts and other favours for them and he actually gave them contracts letters signed by him.
“He allegedly admitted that he used about ₦1bn from his fraud proceeds to take care of the disabled persons. He also claimed to have registered a cooperative society for people with disabilities.”
It was gathered that the suspect, in a bid to convince his victims, took them to some state governors.
