Ponzi scheme: Umanah Umanah dey go jail for 20 years as court find am guilty of fraud

 123611164 Untitleddesign 15.png Akwa Ibom court sentence notorious Ponzi scheme operator, Umanah Umanah to jail

Wed, 9 Mar 2022 Source: www.bbc.com

Di Uyo Zonal Command of di Economic and Financial Crimes Commission, EFCC, don secure di conviction and sentencing of one notorious Ponzi scheme operator, Umanah Umanah to 20 years imprisonment before Justice Agatha Okeke of di Federal High Court Uyo, Akwa Ibom State on 8 March 2022.

Na 2020 di case start wen operatives of EFCC arrest Umanah following petition by one of im victims, wey allege say Umanah dupe am of over N2.9million (two million, nine hundred Thousand Naira) and give am N500, 000. 00 (Five hundred thousand naira) cheque, wey bounce as di bank dishonor am because di account no dey funded.

During investigation, EFCC discover say Umanah lure im victims through big-big promises of return on investment of up to 50% in seven days through im company, No Burn Global Limited, wey get network for several States of di federation.

Di court find am guilty on di two count charge bordering on false issuance of dud cheque and obtaining by false pretense to di turn of N2.9 million naira

Justice Okeke sentence Umana to ten years imprisonment on each count, wey go run concurrently, starting from di date of im arrest.

Before EFCC arrest am, Umanah Umanah don defraud many many victims, both within and outside di country.

Oda times pipo don fall victim to Ponzi schemes

Umanah Umanah na one of di popular ponzi schemes many Nigerians fall victim to.

But despite warnings from financial regulatory bodies for Nigeria like Central Bank of Nigeria and Securities and Exchange Commission, pipo still dey fall victim to dis schemes

Some recent ponzi scheme include MMM and MBA forex.

Na for 2016 Mavrodi Mundial Moneybox (MMM) reign and plenty pipo inside Nigeria put dia money, some even go borrow put for di "business" before e crash.

EFCC for December 2021 declare one Maxwell Odum wanted for alleged $518.3m fraud.

Maxwell Chizi Odum wey be MBA forex CEO dey involved in a case of conspiracy, obtaining money by false pretence and money laundering, EFCC tok.

According to EFCC, Odum wey be native of Elekahia town in Port Harcourt allegedly trick pipo to di tune of 213 billion Naira.

One of di investors for MBA Forex, John Paul Uzo tell BBC Pidgin say im invest four million, five hundred thousand naira for MBA Forex as a means to get anoda source of income for im family, but e no tay after im invest di money for June 2020, di scheme crash for November same year.

Victims of MBA Forex don do plenty protest waka to goment agencies like Department of State Security, EFCC and Central Bank of Nigeria CBN to demand make dem take action and help dem recover dia money dem invest for MBA Forex as many of dem dey suffer well well.

'Check well before you investor your money' - SEC

Nigeria Securities and Exchange Commission SEC don advise pipo wey wan do any investment with any company to do dia due diligence, shine and chook dia eye well-well to investigate, see weda dat market operator dey genuine and proper before dem make any move.

Dem advise pipo to first of all visit di SEC website for www.sec.gov.ng and check under di heading 'illegal capital market operators.’

Dia dem go find di names of all di companies wey dey do ponzi schemes wey dem don list for dia and wey dem list as illegal market operators.

Also, pesin fit search di search bar for di website for unlawful market operators to see if di company dey among those wey dey di list and/or check dia FAQ section for answers.

Source: www.bbc.com
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