Notorious Ponzi Scheme Operator, Umanah Umanah Bags 20 Years Imprisonment

The Federal High Court sitting in Uyo, Akwa Ibom State have sentenced a notorious Ponzi scheme operator Umanah Umanah to 20 years imprisonment.

Justice Agatha Okeke made the ruling on Tuesday, 8th March 2022 after the Economic and Financial Crime Commission, EFCC, Uyo Zonal Command secured the conviction and sentencing of Umanah.

Umana’s nightmare started in 2020 when he was arrested by operatives of the EFCC following a petition by one of his victims, who alleged that Umanah swindled him of over N2.9million (Two million, Nine Hundred Thousand Naira) and subsequently issued him a N500, 000. 00 (Five hundred Thousand Naira) cheque, which was dishonored by the bank because the account was not funded.

During the investigation, the Commission discovered that the defendant lured his victims through bogus promises of return on investment of up to 50% in seven days through his company, No Burn Global Limited, with a network in several states of the federation.