Two brothers bag jail term over N4bn fraud in Anambra – TheNigerialawyer

THE Economic and Financial Crimes Commission (EFCC) said it has
secured a court sentence of two brothers, Kingsley Nwegwu and
Joakin Nwegwu who were found guilty of N4 billion naira frauds.

In a press statement by the commission’s Head of media and
publicity, Wilson Uwujaren, he said the convicts were sentenced on
2nd December following prosecution by the EFCC Enugu Zonal
office.

He added that the brothers are both managing directors of ACJEC
Global Services Ltd who lured people to invest in the company with
promise of 30-34 per cent interest annually on their
investment.

The sitting judge on the case, M.L. Abubakar of the Federal High
Court, Awka, Anambra State convicted the Nwegwu brothers on 50
charges of conspiracy and obtaining money by false pretence.

EFCC said the prosecution began in 2011 when the commission
received petitions against them, alleging that they were lured to
invest the said money in ACJEC Global Services Ltd with the promise
of mouth-watering 30- 34 per cent interest annually on their
investments to be paid to them.

EFCC added that the petitioners alleged that after investing the
said money they never got the interest nor the capital invested in
the company.

The commission said after investigations they found out that
more than N4 billion was paid into the accounts of the convicts by
their victims, numbering over 200, in what turned out to be a Ponzi
Scheme of sorts.

The Anti-graft agency added that one of the victims of the fraud
was said to have invested more than N50million.

Abubakar, after reviewing the evidence brought by the EFCC
against them held that the prosecution proved its case beyond every
reasonable doubt and convicted them accordingly.

According to the statement, the judge further ordered that all
the properties traced to them in the course of investigations
should be forfeited to the Federal Government.

However, he gave the convicts an option of fine of N1million
each, a decision which many of the victims of the scam present at
the court hearing showed outright dissatisfaction to.

Meanwhile, the commission said on the same day, 3 internet
fraudsters were sentenced to prison in Ekiti and Osun State.

EFCC said Ibadan zonal office of the commission secured the
conviction of Adetunji Abayomi Ademola (a.k.a Clara Mantione
Musellman), Blessing Daniel Aladetutu and Adebowale Fadairo.

Ademola stood before the sitting judge of the Federal High Court
1, Ado-Ekiti Judicial Division, K. Babs while the duo of Aladetutu
and Fadairo were convicted in Federal High Court sitting in Osogbo,
Osun State.

The statement further read that based on a plea bargain
agreement with EFCC, Justice Babs convicted and sentenced Ademola
to four months in prison.

Fadairo and Aladetutu were ordered to restitute $413 US dollars
and $500 US dollars to their victims through the EFCC and forfeit
their phones to the Federal Republic of Nigeria.