Ponzi Scheme: Court remands suspect over alleged N320m fraud


The Economic and Financial Crimes Commission (EFCC), on Monday, arraigned a Ponzi scheme operator, Uno Eke, before the Federal High Court, Calabar, Cross River State, for allegedly obtaining over N320 million fraudulently.

In a statement by its spokesperson, Tony Orilade, the agency said Mr Eke was arraigned before Justice Simon Amobeda on a separate 74-count charge, for allegedly defrauding innocent Nigerians.

According to the anti-graft commission, Mr Eke allegedly defrauded his victims through a Ponzi scheme ”by inducing his victims to invest in his Swiss golden packages, through his company, Micheno Multi-purpose Cooperative Society, under the false pretence of paying them 80 per cent in returns”.

”Mr Eke duped so many people through the scheme, and when his investors started calling for their capitals and expected interest, he made himself unreachable, both by telephone and in person.”

According to one of the charges, ”on 12 July 2018, Mr Eke defrauded Briggs Osim by inducing her to invest same into your Swiss golden packages through your Micheno Multi-purpose Cooperative Society Ltd, under the false pretence of paying her 80% as return on investment.”

The agency said Mr Eke’s offence is contrary to Section 1 (1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Court Session

According to the statement, Mr Eke pleaded not guilty to all charges.

Given his not guilty plea, the prosecution counsel, T. N. Ndifon, asked the court for a trial date and for the accused person to be remanded in prison custody.

The defendant was subsequently remanded in prison custody, while the matter was adjourned to June 13, for the hearing of the bail application.


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