Police Arraign Ponzi Scheme Operator Over N1.3bn Fraud

The police in Lagos have arraigned a Ponzi scheme operator, Michael Diongoli, who allegedly defrauded his victims of the sum of N1.3 billion before the Federal High Court in Lagos.

Diongoli, was arraigned before the court by the operatives of the Force Criminal Investigation Department (ForceCID) on an eight-count charge of Conspiracy, obtained by false pretence, and fraud.

The defendant, who was arraigned before Justice Ambrose Lewis-Allagoa alongside his two companies, UK-Don Group and UK-Dion Investment Limited, victims includes, a retired Army Colonel, two Professors, MTN Staff Co-operative Society and others.

The police alleged that the defendant defrauded his victims under the false pretence of paying them multiple Returns On Investment (ROI) within the period of six months to one year.

Some of the alleged fraud victims include: Dr. Basil Onugu, Prof. Oneykachi Green Nwankwo, his wife, Elizabeth U. Onyekachi Green, Nnenna Ikubogh, Securities Ltd, Uchenna Nwankwo, Chinyere Oguejiofor, Sekoni A. Adetokunmo, Catholic Charismatic Renewal, Prof. iloeje Casmir, Lilllan Ofondu, Suliaman Mamman, MTN Employer Cooperative, Gabriel Andrew, Obieme Adaku K., Col. Chukwu Terngu (Rtd) and others.

The police prosecutor, Mrs. Ezema Susan, a Chief Superintendent of Police (CSP) informed the court that the defendants allegedly committed the offences between December 2021and April 2022.

The prosecutor also told the court that the offences contravened Sections 8 (a), 1(1) (a) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006 and Punishable under Section 1 (3) of the same Act.

The defendant, however, pleaded not guilty to the charge.

Following his plea, the defence counsel, Olalekan Ojo (SAN) informed the court that he had filed a bail application on behalf of his client and the same has been served on the prosecutor.

But Ezema said she has not been served with a copy of the application.