Investigations Uncovers Alleged Fraud and Misconducts By FinTech Loan Shark Company, Unite Kare Co Ltd

 

…How Company Allegedly Exploited Staff And Customers

A months-long investigation by our team of journalists has unearthed a shocking trail of alleged fraud, misconduct, and exploitation by Loan Shark, a Nigerian FinTech company, Unite Kare Co Ltd operating multiple loan apps.

 

The company’s questionable practices have left a trail of devastated customers, intimidated staff members, and bribed regulatory agencies in its wake.

*The Company’s Questionable Practices*

Loan Shark, which owns and operates Vibe Cash, Nkash, Flexi Cash (Palmpay), Super Cash, and Bell Cash, has been accused of using staff details to open cryptocurrency wallets and personal accounts without their knowledge or consent. This brazen disregard for staff privacy and security has raised serious concerns about the company’s commitment to protecting its employees’ personal data.

Furthermore, sources close to the matter have alleged that the company has been engaging in strong-arm tactics to intimidate and harass staff members, as well as customers. These allegations have been corroborated by multiple staff members, who spoke to our team on condition of anonymity.

*The Role of Emuantor Tejiri Blessed*

At the center of the controversy is Emuantor Tejiri Blessed, the company’s self-proclaimed “manager” and Translator for the Chinese national owners. Blessed has been accused of masterminding the alleged fraud scheme, using staff details to open accounts and orchestrate a ₦100 million fraud scheme.

When contacted by our team, Blessed confirmed the ₦100 million fraud scheme, providing details of how the matter was “settled” amicably amongst all parties involved. However, he denied allegations of tax evasion, claiming that the company had been remitting taxes to the relevant authorities.

*Bribery and Regulatory Capture*

Sources alleged that Loan Shark has been bribing its way out of trouble with regulatory agencies, including the Department of State Services (DSS) and the Federal Competition and Consumer Protection Commission (FCCPC). These allegations have raised serious concerns about the company’s ability to manipulate regulatory agencies and avoid accountability.

*Tax Evasion and Staff Exploitation*

Staff members of the company have alleged that they have been deducting taxes from their salaries since 2022 but the company has not been remitting these funds to the relevant authorities. This has resulted in staff members being unfairly burdened with tax liabilities, while the company reaps the benefits of tax evasion.

*A Web of Deceit*

Our investigation has revealed a complex web of deceit and corruption that goes all the way to the top of Loan Shark’s management. The company’s alleged fraud and misconduct have serious implications for customers, staff members, and the wider FinTech industry.

As we continue to investigate this story, we call on regulatory agencies to take immediate action to protect the interests of staff members and customers, and to ensure that Loan Shark is held accountable for its actions.