Ex-Anambra Police Commissioner Denies Fraud Allegations: “I Never Said I’m a Billionaire, Nor Ran a Ponzi Scheme”

Aderemi Adeoye, the former Anambra Commissioner of Police, refuted allegations claiming he touted himself as a billionaire and engaged in fraudulent activities resembling a Ponzi scheme. In an interview on ‘The Morning Show’ by Arise TV, Adeoye stated he adhered to civil service regulations and police conduct, emphasizing that investing and buying shares are not prohibited by law.

Adeoye, who retired after 35 years of service, faced scrutiny in January 2024 when a petition was filed alleging financial impropriety during his tenure. The petition accused him of operating a Ponzi scheme and misusing funds designated for investments in the Alpha Trust Investment Club (ATIC), an initiative he co-founded. Adeoye vehemently denied these accusations, challenging anyone with evidence to present it.

Addressing claims of the club’s legality, Adeoye showcased registration documents and certificates obtained from the Corporate Affairs Commission (CAC) and the Economic and Financial Crimes Commission (EFCC). He asserted that the investment club, comprising 1,400 members globally, conducts transparent transactions and adheres to tax obligations.

Attributing the allegations to expelled members with ulterior motives, Adeoye clarified that the Alpha Trust Investment Club operates as a forum for investment, not a business entity. He emphasized stringent membership criteria, including background checks to ensure members have no criminal records or ongoing legal proceedings.

Despite the controversy, Adeoye maintained the club’s integrity, highlighting its consistent dividend payouts over five years and its commitment to ethical investment practices.