N7m Fraud: Ponzi Scheme Operator, Umoren Edet Gets Conviction

A Federal High Court sitting in Port Harcourt, Rivers State, has sentenced a fake Ponzi scheme operator, Umoren Edet, to seven years’ imprisonment.

Justice A. T. Mohammed found him guilty of obtaining money under false pretences and issuing dud cheques.

It was gathered that Edet collected the said sum 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 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.

Also Read: Alleged Fraud: Ex Plateau Gov, Jonah Jang Begs Court To File No Case Submission

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

Delivering his judgment, Justice Mohammed convicted Edet and sentenced him to seven years’ imprisonment without an option of a fine.

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


Wahab Akinlade

Akinlade I. WAHAB is a dedicated journalist and the proprietor of I-WAHAB Media. He embarked on his career at Murhi International TV (MiTV) and subsequently joined Radio Nigeria as a Judicial Correspondent.With a profound interest in legal reporting, he currently holds the positions of Chairman at the National Association of Judicial Correspondents (NAJUC), Ikeja Branch, and Chairman at the Nigeria Union of Journalists (NUJ), Radio Nigeria Chapel.As the owner of I-WAHAB Media, he has successfully established Top Court News, a platform renowned for providing comprehensive coverage of court cases and legal developments, with the aim of promoting transparency within the judicial system.Akinlade's diligent work and unwavering commitment to ethical reporting have earned him immense respect within the Nigerian journalism community.

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