The firm has been under investigation by the anti-graft agency for allegedly duping unsuspecting Nigerians of up to $200 billion.
According to the Vanguard, the firm was investigated because it was implicated in what a top source at EFCC called a “phony real estate scam”.
“Investigations into the scam revealed that the company originally known as TFG Real Estate Limited operates in Nigeria in the guise of being The First Group Company, a Dubai-based real estate firm, which is not registered in Nigeria.
“The modus operandi of the company is to lure innocent Nigerians interested in owning properties in Dubai, into parting with their hard-earned money.
“They are mandated to make the payment in instalments; however, the payment is deliberately structured in such a way that the debt is difficult to offset, and as soon as one defaults, the money will be “seized” by the company.
“The company is implicated in a phony real estate scam in which innocent Nigerians were duped to the tune of $200 billion.
“EFCC operatives had in May 2016 raided the office as part of investigations in the alleged property fraud. Several implicating documents were discovered, including a list of high profile patrons,” the source said.