Connect with us

Hi, what are you looking for?

Metro

EFCC Nabs Alleged Ponzi Scheme Operator Promising Investors 50% RoI

Umanah E. Umanah, alleged Ponzi scheme operator

Economic and Financial Crimes Commission (EFCC) has arrested Umanah E. Umanah, alleged Ponzi scheme operator based in Uyo, Akwa Ibom State.

Umanah , 62-year-old, was said to have promised a bogus offer of 50 per cent return on investment in just seven days for any investor who invests in his company known as No Burn Global Limited.

Some unsuspecting members of the public, who believed him and put their hard-earned money in his company, were surprised when he avoided communication with them and failed to fulfil what he promised them.

In a statement issued by the EFCC, it was stated that the Uyo Zonal Office of the anti-graft agency received over 70 petitions against the suspect from his victims and on July 1, 2020, following a petition by one of his victims, Mr Umanah was apprehended.

The petitioner claimed that the Ponzi scheme operator collected over N2.9 million from him and subsequently issued him a N500,000 cheque, which was dishonoured by the bank because the account was not funded.

The EFCC said its investigations reveal that the defendant runs an advance fee fraud syndicate in several states of the federation and the Federal Capital Territory.

On Friday, October 16, 2020, he was arraigned before Justice Agatha Okeke of the Federal High Court, Uyo on count charges bordering on forgery, issuance of dud cheque and obtaining by false pretence.

“That you Umanah Ekaette Umanah on or about July 31, 2017, at Uyo, within the jurisdiction of this court, did make a forged document to wit: United Bank of Africa (UBA) cheque with cheque number: 73131308 of No Burn Global Stakeholders Multipurpose by appending your signature on the said cheque leaflet when not being a signatory to the account of No Burn Global Stakeholders Multipurpose, domiciled with UBA, knowing same to be false and with the intent that it may be acted upon as genuine and thereby committed an offence contrary to Section 1 (2) (c) of the Miscellaneous Offences Act Cap M17 of the Revised Edition ( Laws of the Federation of Nigeria) 2007 and punishable under Section 1 (2) of the same Act,” one of the charges read.

He pleaded not guilty to the charges upon which Adebayo Soares, prosecution counsel, asked the court for a commencement date of trial and for him to be remanded in the custody of the Nigeria Correctional Service, (NCS).

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

News

FCMB Asset Management Limited, a member of the FCMB Group Plc, recently hosted an insightful webinar titled “Smart Retirement – Investing Ahead.” The virtual...

Broadcasting

Strategic partnerships form an integral part of businesses today — and with good reason. Their importance has become more than just a wise business...

Broadcasting

Federal Government is to launch three new national identity cards in May this year and has a target of providing them for about 104...

Tech

National Information Technology Development Agency, (NITDA) in conjunction with the Katsina State Enterprise Development Agency, KASEDA have organised a capacity-building and empowerment programme for...