EFCC arrests CEO of Gavice Logistics over alleged N2bn investment fraud

The Economic and Financial Crimes Commission (EFCC) has arrested Ahamba Tochukwu, Chief Executive Officer of Gavice Logistics Limited, for allegedly masterminding a fraudulent investment scheme that duped unsuspecting Nigerians of more than N2 billion.

In a statement issued by its Head of Media and Publicity, Dele Oyewale, the anti-graft agency said Tochukwu lured over 400 investors nationwide with promises of mouthwatering returns on investment (ROI) of up to 50 percent.

The investments were allegedly tied to purported haulage, courier, and e-commerce operations under Gavice Logistics.

According to EFCC investigators, the scheme ran smoothly for a while until November 2024, when investors reportedly lost access to both their capital and accrued profits. Tochukwu allegedly went underground, abandoning his obligations to the investors.

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EFCC operatives eventually tracked him down and arrested him.

He is currently being interrogated to determine the full scale of his operations and identify possible accomplices.

The Commission, in its statement, urged Nigerians to be wary of Ponzi and pyramid schemes disguised as legitimate investment opportunities.

“Members of the public are strongly advised to exercise due diligence before committing their funds to any investment offer. The Commission will continue to clamp down on promoters of fraudulent ventures and ensure they are prosecuted in accordance with the law,” the EFCC said.

The arrest underscores growing concerns over the rising number of financial scams targeting unsuspecting Nigerians with promises of unrealistic returns.