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The Federal High Court in Uyo, Akwa-Ibom State, has convicted and sentenced a Ponzi scheme operator, Umanah Umanah, to twenty years imprisonment for obtaining money under false pretence and issuance of dud cheques.

According to the Uyo Zonal Command of the Economic and Financial Crimes Commission, EFCC, on March 8, 2022 the judgement was delivered by Justice Agatha Okeke.

He was said to have fraudulently defrauded a victim of over N2 million through a fraudulent deal.

“Umana‚Äôs nightmare started in 2020 when he was arrested by operatives of the EFCC following a petition by one of his victims, who alleged that Umanah swindled him of over N2.9million (Two million, Nine Hundred Thousand Naira) and subsequently issued him a N500, 000. 00 (Five hundred Thousand Naira) cheque, which was dishonored by the bank because the account was not funded”, EFCC said.

During investigation, EFCC discovered that the defendant lured his victims through bogus promises of return on investment of up to 50% in seven days through his company, No Burn Global Limited, with a network in several states of the federation.

By oyonews

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