Ponzi scheme operator sentenced to 20 years in jail

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BY FATIMA MUSTAPHA ALI, MARCH 09, 2022 | 11:07 PM


Umanah Umanah, a ponzi fraudster was sentenced to 20 years imprisonment.

He was sentenced by Justice Agatha Okeke of the Oyo Federal High Court on Tuesday, a statement by Economic and Financial Crimes Commission, EFCC, agency, said.

The commission arraigned him on an allegations of being a notorious ponzi scheme operator.

According to the commission, Umanah, 62, is an alleged serial fraudster, who scammed unsuspecting members of the public by luring them to invest in his company titled: 'No Burn Global Limited' with a return of investment of 50%, in just seven days.

It explained that Umana’s journey to the sentence started July 1, 2020 when he was arrested by operatives of the commission following a petition by one of his victims, who claimed that he had been swindled of over N2.9million.

'He subsequently issued him a N500, 000. 00 cheque, which was dishonored by the bank because the account was not funded.

'Apart from running a fraudulent ponzi scheme, EFCC’s investigations reveal that the defendant runs an advance fee fraud syndicate in several states of the federation and the Federal Capital Territory,' the commission said.

After he was sentenced, the Uyo Zonal Office of the EFCC noted that it had received over 70 petitions against him from his victims.


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