N1.2bn fraud: Court remands ponzi operator till Sept 30

A ponzi scheme operator, Michael Ukiye Diongoli, who is being tried for allegedly defrauding his victims of N1,286,580,656, has been remanded till September 30.

Justice Lewis Allagoa of the Federal High Court, Lagos on Tuesday deferred ruling in the bail application filed by the accused.

Diongoli reportedly defrauded a retired Army Colonel, two Professors, and MTN Staff Co-operative Society and others.

Justice Alagoa ordered the remand of the Ukiye in the facility of the Nigerian Correctional Service (NCoS).

Diongoli alongside his two companies, UK-Don Group and UK-Dion Investment Limited were arraigned before Justice Alagoa on Monday by the Force Criminal Investigation Department (FCID), Ikoyi, Lagos on eight-count charge.

The hearing of the bail application was fixed for Tuesday, but the police prosecutor told the court that she was yet to receive copy of the defendant’s bail summons.

Counsel to the defendant, Mr. B.C. Nwadiagwu, had told the court that his bail application is predicated on sections 158,161 and 162 of ACJA.

He pleaded with the court to grant bail to his client in liberal terms, stating that the alleged offence is a bailable.

However, the prosecutor, Mrs. Ezema Susan, told the court that she has filed a counter affidavit, raising grounds upon which the application for the defendant’s bail should not be denied.

The prosecutor told the court that the defendant is a flight risk.

She said apart from the Police Fraud Unit, the Economic and Financial Crimes Commission (EFCC) as well as the United Kingdom Police are also looking for the defendant on fraud allegations.

The defendant was alleged to have used UK-Don Group and UK-Dion Investment Limited to operate a ponzi scheme to defraud his victims.

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He allegedly defrauded his victims under false pretence of multiple Returns On Investment (ROI) between six months and one year of investment.

Some of the alleged fraud victims includes: Dr. Basil Onugu, Prof. Onyekachi 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, Lillian Ofondu, Suliaman Mamman, MTN Employer Cooperative, Gabriel Andrew, Obieme Adaku K., Col. Chukwu Terngu (rtd) and others.

Susan, a Chief Superintendent of Police (CSP), told the court that the defendants allegedly committed the offences between December 2021 and April 2022.

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The prosecutor 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 denied the allegations and pleaded not guilty to the charges.

The Star