The Inter-agency Joint Regulatory Task Force (JRTF) have uncover more illegal online money lenders.
The agency comprising of the Federal Competition and Consumer Protection Commission (FCCPC), National Information Technology Development Agency (NITDA) and Independent Corrupt Practices Commission (ICPC), has disclosed that evidence procured from execution of the Search and Seizure Order of online money lenders has also led to more discoveries of additional location information beyond Lagos about the activities of other money lending operations.
The Executive Vice Chairman/Chief Executive Officer, FCCPC, Babatunde Irukera while speaking on behalf of the Joint Regulatory and Enforcement Task Force, on status update on investigation into possible violations of privacy and other rights in online money lending industry, said that JRTF in furtherance and pursuant to an Order of the Federal High Court executed a search and seizure Order on certain digital money lenders at different locations in Lagos but now found out via further investigative activities of additional discoveries of location information beyond Lagos about the same, or other money lending operations.
Irukera explained that in addition to the search and seizure, the Federal Competition and Consumer Protection Commission (Commission) entered and served Orders on multiple financial institutions freezing and suspending operations with respect to certain accounts that are implicated or otherwise used by some of the money lenders to conduct business.
The FCCPC EVC said evidence procured from execution of the search and seizure Order has led to further investigative activities, including additional discoveries that are material to this active investigation.
He said: “Specifically, the Commission has secured additional location information beyond Lagos about the same or other money lending operations, more banking and account information associated with some of the subjects of the investigation, information about staffing and recruiting policies and strategies. In some cases, complex web of ownership or corporate relationships with mostly foreign/offshore companies and promoters, recognized, and unknown payments systems, sources of operational capital, and methods of repatriating business proceeds.”
In continuing the investigation, Irukera disclosed that certain operatives (including foreign nationals) of some operators have been questioned by the Commission during its Investigative Hearings.
According to him, the basis and scope of questioning include: The Commission’s continuing undercover surveillance, reconnaissance and intelligence gathering, discovery that at least one of the money lenders had corruptly secured a public official as an asset to assist with providing critical and sensitive internal confidential information about the investigation; as well as engage in other measures to frustrate the investigation.
He added that the Commission is in custody of credible evidence of the planning, discussions, meetings, execution (including tangible evidence of inducement), and participants in this criminal enterprise.
“The conspirators who all participated have provided useful information and other evidence under caution, and with legal advice,” the FCCPC helmsman said, adding that “the Commission is considering and proceeding in contemplation and, or preparation of criminal charges and admissible evidence with respect to potential criminal defendants.”
On the additional investigative and preemption steps to address the issue, Irukera added further this include: additional freezing Orders expanding and increasing the number of accounts and financial institutions involved, expanded and supplementary Orders to Google Play Store and Apple’s Appstore to draw down additional loan apps.”
He noted that although there is sufficient information to show that unethical and unacceptable practices of operatives of the money lenders have not completely abated, the measures taken so far, and evolving landscape shows that recollection/loan repayment practices that defame, intimidate and damage consumers are slowing down.
