Court papers have revealed that a leading telecommunications company’s Employers Cooperatives, FSL Securities and Professor Onyekachi Green Nwankwo and some many others are victims of N3.7billion Ponzi scheme allegedly masterminded by Michael Ukiye Diongoli’, a Nigerian businessman.
Diongoli and his two companies UK-DION GROUP and UK-DION INVESTMENT are now facing trial at the Federal High Court in Lagos.
The trial has been adjourned till 27 October.
Court papers showed that Professor Onyekachi Green Nwankwo lost N69.8millioon to Diongoli.
FSL Securities lost N200million, MTN Employers Cooperative N50million.
The biggest losers were Dr.Charles Ejekute-Obi who was swindled of N345 Million, Tedaki Events, which lost N232 Million and one Obieme Adaku Kate who lost N205 Million.
Other victims of the scam were Dr. Basil Onugu-N11Milion, Elizabeth Umenwa Nwankwo-N25million,Chinyere Ogujeiofor -N24 million, Nnenna Ikubogh N30 Million,Elizabeth & Anthony Ventures N100million.
Also swindled were Catholic Charismatic’ Renewal lost N11.5 million, Colonel T.Chukwu(retired) N31Million, Professor Iloeje Casmir-N109 Million, Nigerian Army Welfare Insurance Scheme- N50 Million, Olufemi Akinyemi-N85 Million.
Sometime in June this year Micheal Ukiye Diongoli and his two companies, UK- Dion Group and Uk-Dion Investment Limited were arraigned before the court on 61 count charge of defrauding many Nigerians and organisations to the tune of N3.7billion.
The 61 count amended charge number FHC/L/338/2022,filed before the court by Ezema Susan, the Police prosecuting counsel of Force Criminal investigation Department Annex Alagbon Close, alleged that Micheal Ukiye Diongoli and his two companies and others at large, posed as financial institutions.
Between 2021 and 2022, with intent to defraud, they conspired among themselves to obtain monies from Nigerians under the pretext that they are registered financial institutions and wealth managers.
Customers were invited to pay money into their accounts on a fixed deposit system for a period of six months to one year and the customer will get the money invested with interest.
The prosecutor said the defendants knew the claims were false, breaching section 8(a) of the Advance Fee Fraud and other Fraud related offences Act, 2006.
It was also alleged that the defendants fraudulently issued cheques, for various sums of money, for the settling of their indebtedness.
All the cheques were returned unpaid, thereby committing an offence contrary to section 1(1)(b) of the dishonored Cheques (offence) Act Cap D11 Laws of the Federation 2004 and punishable. Under section 1(b)(1) of the same Law.
Diongoli and his two companies are currently on bail.
Source: PM News