Court Remands ‘Wonder Bank’ Operators Over Alleged Fraud

Justice Abimbola Awogboro of the Federal High Court in Lagos has remanded three alleged Ponzi scheme operators in prison over their alleged involvement in an N59 million fraud.

The defendants: Chimaobi Ifechukwu, Tochukwu Abazu  and Lucas Ojukwu, were arraigned before the court by the men of the Police Special Fraud Unit on a four-count conspiracy charge, obtaining money under false pretence and operating a Financial Institution without a license.

The police prosecutor, Sylvester Azubuike, informed the judge that the defendants committed the offences sometime in June 2021.

Azubuike also told the court that the defendants conspired among themselves and fraudulently obtained N59 million from two businessmen, Mathew Ibeneme and Osita Micheal, to save the money in an unregistered bank, which would yield a high return on their investments.

The prosecutor further insisted that the offences contravened Section 8(a) and are punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

He also maintained that the offences violated section 58 (1) and are punishable under section 59(6) (a & b) of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

The defendants pleaded not guilty to the charge.