A man identified as Amos Omotade-Sparks has been arrested by the Economic and Financial Crimes Commission (EFCC).

The man was nabbed for allegedly defrauding people to the tune of N32 million through the “Inks Nation ponzi scheme”.

The anti-graft agency said Omotade-Sparks, a native of Badagry in Lagos State, was declared wanted in November 2020 for masterminding a “huge pyramid investment scheme”.

A statement issued by the spokesman of EFCC, Wilson Uwujaren, yesterday said the suspect was arrested in Sokoto on Thursday.

The agency noted that the suspect had floated an online digital currency, which he had urged people to invest in.

The statement reads: “Omotade-Sparks, who hails from Badagry, Lagos State, was declared wanted by the EFCC in November 2020 after efforts to apprehend him failed.

“He is the alleged mastermind of a huge pyramid investment scheme through which many citizens were defrauded of monies to the tune of over thirty-two million naira.

“He had floated a phony online digital currency called “Pinkoin”, which lured many Nigerians to invest between one thousand naira to one hundred thousand naira with a promise of unrealistic returns and went ahead to distribute a payment card called “Pink Card” to further confuse his victims.

“Omotade-Sparks equally made false claims that he was in partnership with the EFCC to persuade people to invest in his devious scheme.”

“The scammer was not licensed to operate a financial institution. He will be arraigned in court at the conclusion of investigation.”