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.
Omotade-Sparks had allegedly floated a phony online digital currency called “Pinkoin” which lured unsuspecting members of the public 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 is accused of making false claims that he was in partnership with the EFCC to persuade people to invest in his devious scheme.
Omotade-Sparks was not licensed to operate a financial institution.
A statement released by the antigraft agency says he was finally arrested on Thursday, May 27, 2021, and has made a useful statement.
He is to be arraigned in court as soon as the investigation is completed.