L
LequteMan
Guest
The Security Exchange Commission, SEC, has announced that it has sealed up the offices of Yuan Dong (YDEC) for running an unacceptable investment operation in the country.
YDEC encourages investor to deposit between N10,000 to N240,000 with them and promised a daily profit of N80 and N2,400 depending on the category of investment.
“The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with an offer of interest rates on short and medium term basis," SEC said in a statement.
Apart from this, the company also enticed its customers with payment of bonuses should they convince more investors to invest in the scheme.
“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.
YDEC encourages investor to deposit between N10,000 to N240,000 with them and promised a daily profit of N80 and N2,400 depending on the category of investment.
“The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with an offer of interest rates on short and medium term basis," SEC said in a statement.
Apart from this, the company also enticed its customers with payment of bonuses should they convince more investors to invest in the scheme.
“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.
