Fake Ponzi scheme operator bags seven years jail term

A fake Ponzi scheme operator, Umoren Edet, bagged seven years’ jail term for obtaining money under false pretences and issuing dud cheques.

Edet reportedly collected the sum of N7m from one Amaka Joy for bitcoin transactions, but neither conducted the business nor returned the money to the owner.

The Head of Media and Publicity, Economic and Financial Crimes Commission, Wilson Uwujaren, in a statement on Tuesday, said Edet was re-arraigned on one count of advanced fee fraud by the anti-graft agency after a three-year trial.

He pleaded guilty to the amended charge and Justice A. T. Mohammed of the Federal High Court in Port Harcourt, Rivers State delivered the judgment without an option of a fine.

The prosecuting counsel, Celestina Okorie, presented three witnesses against the convict, while the defence counsel, I. Ekwu, also presented three witnesses.

Justice Mohammed also ordered that the sum of N7m be returned to the victim.


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