Posted By Trace Reporter On 2nd August 2016Large customers of Cash Flow Abi limited ,whose monies were trapped in Diamond Bank stormed various branches of the bank today in Minna , Kafanchan , Jos and Lafia to collect their money based on text received , but only to be dispersed with tear Gas .
Chairman of the affected customers , Comrade Victor Mathew Bobai, who narrated ordeals of investors today, accused Diamond Bank of collaborating with police and EFCC to frustrate innocent Cash Flow Abi investors from getting their monies from the banks .
"We are calling on President Muhammadu Buhari and other necessary agencies to wave into this problem and help investors retrieve their trapped monies.
" We got text messages directing investors to go to various Diamond Bank branches to collect their monies , but we were surprised to chased away with tear gas ."
Read part text of an open letter on the matter for background:
THE CONSPIRACY BETWEEN ECONOMIC FINANCIAL CRIMES COMMISSION (EFCC) AND BANKS ON THE COURT JUDGEMENT OBTAINED BY CASH FLOW ON A CASE INSTITUTED AGAINST THE EFCC/THE NIGERIAN POLICE .
Let me use this medium to express my utmost grievance and disappointment with EFCC and the Nigerian Police in dishonouring the court judgment of the Federal High Court on the case filled by Cash Flow ABI Network Ltd and its chairman, Philemon Gora against EFCC and the Nigerian Police.
By law, Cashflow Abi network Ltd was registered since 2011 with CAC and having its headquarters in No: 21 Apollo Crescent, Jos, Plateau state with physical branch offices in kaduna, Lafia, Owerri, Enugu, Lagos , Ibadan, Abakiliki, Gombe, kano, Uyo, Sokoto, Ilorin, Ibadan and kebbi. The same company had applied to Security and Exchange Commission (SEC) as funds portfolio manager and investment adviser but yet to receive approval for the process is ongoing .
We could recall that sometimes ago the Security and Exchange Commission (SEC) had filled a petition to the Inspector General of Police (IG-P) and the Economic Financial and Crimes Commission (EFCC) to investigate the business activities of Cashflow ABI Network Ltd. and its Chairman Philemon Gora for allegedly running an illegal financial institution.
EFCC directed all corporate bank accounts of Cashflow Abi Ltd and that of its Chairman to be frozen with all depositors /investors funds trapped.
Cashflow and its Chairman, Philemon Gora then instituted a case in court in suit N0: FHC/ABJ/CS/7/2013 against EFCC and the IG-Police.
A judgement was made in the above suit mandating the applicants (Cash Flow ABI Network Ltd and Philemon Gora) and the defendants (the EFCC and the IG-P) to setup a committee with the purpose of unfreezing the accounts of the applicants and refunds of deposits to clients/investors of Cash Flow Abi Network Limited.
The court based its judgement on the overriding interest of the public and the poor investors who were mainly peasants investing their life serving in the scheme. The court also understood the social and security breaches that may ensue should such investors loose their investments/Money.
The executive Directors confirmed that there is enough money in the frozen banks accounts to pay the clients of Cash Flow ABI Network Ltd,however efforts of the Board of Directors of Cashflow to liaise with EFCC to implement the court judgment in order to ease the suffering of the poor investors of this company prove abortive and fell on the deaf ears of the EFCC for the past four years.
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