Customers besiege Diamond Bank branches over trapped monies

Large number of customers of Cash Flow Abi Limited, whose monies are trapped in Diamond Bank stormed various branches of the bank Tuesday in Minna, Kafanchan, Jos and Lafia, based on text message.

The affected customers, were, however dispersed with tear gas by security agents.

Their leader, Comrade Victor Mathew Bobai, who narrated the ordeal of investors to DAILY POST, accused Diamond Bank of collaborating with police and EFCC to frustrate innocent Cash Flow Abi investors from getting their monies from its branches.

His words: “We are calling on President Muhammadu Buhari and other necessary agencies to wade 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 be chased away with tear gas.”

The affected customers had in an open letter noted, “Let us use this medium to express our 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 Limited was registered since 2011 with Coporate Affairs Commission and having its headquarters at 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 sometime ago, the Security and Exchange Commission (SEC), 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 Limited and its Chairman, Philemon Gora for allegedly running an illegal financial institution.

“EFCC directed all corporate bank accounts of Cashflow Abi Limited 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 set up 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.”