Company directors, brothers convicted for N4bn fraud - Daily Post Nigeria

The Economic and Financial Crimes Commission, EFCC, Enugu Zonal office has secured the conviction of Kingsley Nwegwu and Joakin Nwegwu.The Nwegwus who are siblings, however, were convicted by Justice M.L. Abubakar of the Federal High Court, Awka, Anambra State before whom they were charged with 50 counts bordering on conspiracy and obtaining money by false pretence to the tune of N98.7million.

“Investigations carried out by the EFCC further revealed 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. One of the victims was said to have invested more than N50million”. But after reviewing the evidence brought by the EFCC against them, Justice Abubakar held that the prosecution proved its case beyond every reasonable doubt and so, convicted them accordingly.

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