Nigeria’s Economic and Financial Crimes Commission (EFCC) is seeking the public’s aid in locating Omotade Sparks Amos Sewanu, the mastermind behind the Inksnation crypto scam. According to a notice published last November 11, the EFCC wanted Sewanu to respond to fraud charges concerning Inksnation purported crypto token – Pinkoin.
The Inksnation scam has duped many Nigerians with its promise of a lifetime income. Investors are asked to choose from five different investment packages. Each package promised an additional monthly salary.
The Charges
According to information on the Inksnation website, all salary payments are in the form of the Pinkoin crypto token. Moreover, the token was not listed on any crypto exchange in Nigeria; therefore prompts questions about the liquidation.
Notwithstanding this, the Inksnation masterminds continue to post testimonials on some Pinkoin investors claiming that they are getting the promised monthly salaries. The use of testimonials is a common tactic used by several Ponzi schemes. They are intended to dull scam allegations and hoodwink fence-sitting potential investors.
But in the public notice, the EFCC states that Sewanu is facing charges of “obtaining by pretenses, name dropping as well as fraud,” an amount of $84,200 (or 32M Naira). The notice stated that Sewanu received the money in question after “floating the online digital currency.”
By raising the fraud charges against Sewanu, Nigerian authorities seem to be escalating the fight against the Inksnation team. It follows the NSEC’s public notice that labeled Inksnation an illegal operation. Likewise, the Stakeholders in Blockchain Technology Asociation of Nigeria (SIBAN) issued its statement labeled Pinkoin a scam.
The warnings did not stop the Inksnation team from continuing to solicit funds from unsuspecting Nigerians. But the EFCC notice raised the stakes as Sewanu, and his accomplices face criminal indictment.
Some two days after the EFCC published the notice that featured Sewanu’s photo, the Inksnation team issued an apology and insisted calmly after one of its websites went down. In a tweet, the Inksnation team says:
“Be informed!!! If you are experiencing difficulty logging in to your account or any other thing. Do not worry, do not panic, and do not start raising alarm. Before informed that website maintenance is ongoing, keep calm.”
In another tweet, the Inksnation ring leaders seemed unfazed and continue to call more people to register.
Minor scams also justify the advancement of a system to keep investors at bay while they escape.
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