Court jails Akwa Ibom Ponzi scheme operator 20 years for N2.9m fraud

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Federal High court sitting in Uyo, the Akwa Ibom State capital has found one, Umanah Umanah, a notorious Ponzi scheme operator guilty of defrauding his victim of N2.9 million in a sleazy transaction.

Consequently, the presiding judge, Justice Agatha Okeke, in about one-hour judgment convicted him and sentenced him to 20 years in prison.

Economic and Financial Crimes Commission (EFCC), which prosecuted the case, told the court that Umanah’s travails started in 2020 when the anti-graft agency’s operatives arrested him in connection with a petition against him by the victim.

“One of his victims had lodged a petition that he ((Unanah Umansh) had swindled him over N2.9million…



Source: Nigerian Tribune