Home / E GIST / Ponzi scheme operator convicted in Kano, court orders refund of N110m to victims

Ponzi scheme operator convicted in Kano, court orders refund of N110m to victims

A ponzi scheme operator, Maryam Abu Shinga, has been convicted by Justice Lewis Allagoa of the Federal Excessive Courtroom, Kano.

DAILY POST reviews that the courtroom ordered Shinga to refund a sum of N110, 000,000 in restitution to victims of the ponzi scheme.

The lady was convicted Tuesday on one rely amended cost of retention of proceeds of crime.

It was mentioned that the convict lured her victims right into a phony gold mining funding, telling them that the place an investor stood to earn 300% revenue.

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Shinga had claimed that when an investor invests N500,000, he might earn N1,500,000 as returns on the funding over a interval of 4 weeks.

The Financial and Monetary Crimes Fee (EFCC) mentioned its investigation “revealed that the convict was by no means into gold mining or any of such funding.”

The EFCC said that it additionally found that regardless that Shinga was capable of pay some early traders with funds taken from later traders, she had diverted N394,541,910, belonging to a number of different traders.

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Shinga had pleaded ‘not responsible’, however throughout trial, the prosecution was requested to have known as 5 witnesses and tendered a number of paperwork in proof.

Nonetheless, earlier than the prosecution might shut its case, the lady opted for a plea cut price.

“In his judgment, Justice Allagoa accepted the phrases of a plea cut price settlement, convicted and sentenced the defendant to restitute the complainants within the sum of N110, 000,000,” the EFCC reviews.

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