On Tuesday, Justice Kudirat Jose of the Lagos State High Court in Osborne ordered commercial banks in Nigeria not to release funds to Chinmark Group and three others.
The judge gave the order following allegations of a failed Ponzi scheme levelled against the defendants. According to applicants in the suit, the defendants have failed to pay them outstanding investment and return on investment since December 30, 2021.
The 4 claimants filed the suit on behalf of themselves and 76 other investors claiming to have been scammed by Chinmark group to the tune of N20 billion.
The Backstory
In an ex-parte application, the applicants (who had invested in Chinmark Group) instituted a suit against the group, its CEO, his wife, and others. They claimed to have been scammed by the defendants.
They prayed the court for an order of Mareva injunction restraining all commercial banks in the country from releasing money or assets belonging to Chinmark Group Limited and the others.
Ruling on the ex-parte application, Justice Kudirat granted the order sought by the claimants and restrained commercial banks from releasing or dealing with monies or assets due to defendants from any bank maintained by them.
In the Mareva order granted by the court, the court ordered the banks to freeze the sum of N246,610,000 in the defendant’s accounts. The sum is the outstanding investments and returns on…
