Ponzi scheme: Micheno Boss to remain in prison on N320m fraud charge

The Economic and Financial Crimes Commission, EFCC, prosecuted Micheno Multi-Purpose Cooperative Society’s registered trustee, Uno Michael Eke before Federal Superior Court Judge Simon Amobeda, in Calabar, Cross River State.

He was indicted on one count of 74 counts, for allegedly obtaining more than 320 million naira (three hundred and twenty million) through a false pretense of innocent Nigerians.

Tony Orilade, acting director of media and advertising for the anti-corruption agency, said that Eke allegedly defrauded his victims through an alleged Ponzi scheme by inducing his victims to invest in his Swissgolden packages, through his company, Micheno Multi-Purpose. Cooperative Society, under the false pretense of paying them 80 percent return on investment in just 40 days.

With this tempting bait, Eke duped so many people through the scheme, and when his investors began asking for their expected capital and interest, it became unattainable, both on the phone and in person.

One of the charges against you reads: “That you, One Michael Eke (being the President / CEO of the Micheno Multi-Purpose Cooperative Society) and registered trustees of the Micheno Multi-Purpose Cooperative Society (MMCS) on or about the 12th that date of July 2018 in Calabar within the jurisdiction of this honorable court, with the intention of defrauding, obtained the sum of forty-seven million nairas (N47,000,000.00) from a Briggs Nimi Osim by inducing her to invest it in your Swissgolden packages through your Micheno Multi-Purpose Cooperative Society Ltd, under the false pretense of paying you 80% as ROI of your principal amount on the fortieth day of your investment, which you allegedly knew was false and, therefore, you committed an offense contrary to Section 1 (1) (a) of the Advance Fee Fraud and Other Fraud-Related Offenses Act of 2006 and punishable under Section 1 (3) of the same Act ” .

He pleaded not guilty to all charges.

In view of his plea of ​​not guilty, the prosecution’s attorney, TN Ndifon, prayed to the court to set the date of the trial and that the defendant remain in prison.

The defendant was placed in preventive detention, while the matter was postponed until June 13, 2019 for the hearing of the bail request.

It should be recalled that the Commission had already prosecuted Eke on two separate charges of alleged fraud of 200 million naira and 301.2 million naira, respectively. He is currently in prison custody, even as more victims of his ponzi scheme continue to fill the Uyo Commission Zone Office with petitions alleging how Eke raised money from one person to pay the other only to renege when he could no longer. keep up your tricks.