Published On: Mon, Apr 10th, 2017

Nigeria couple arraigned for running Ponzi scheme

scamLAGOS, (CAJ News) – A Nigerian couple has appeared in court for allegedly defrauding members of the public through a Ponzi scheme.
Shanchi Nwokike, Managing Director of a wonder bank, “Let’s Partner With You”, alongside his wife, Rosemary Ifeoma Nwokike, have been arraigned before Justice Dugbo Aghoghorie of the Federal High Court sitting in the southeastern Enugu, on a ten-count charge bordering on advanced fee fraud and carrying out banking business without valid license.
It is alleged the couple, through the wonder bank, had over the past five years solicited and obtained deposits of more than N4 billion (US$13 million) from the general public with promises of mouth-watering interest in return.
It is alleged the company had no license to solicit and manage funds for the public nor was it registered with the Securities and Exchange Commission (SEC) or the Nigeria Deposit Insurance Corporation (NDIC).
It was found to have over six accounts in four banks with Nwokike and his wife being the only signatories to the accounts.
Further investigations revealed that the company had, for some time, paid a 10 percent interest on invested capital but suddenly stopped and efforts by depositors to have at least their initial investments were futile.
The pair is pleading not guilty.
The accused have received bail of N5 million each.
Case has been adjourned to June 27.
CAJ News

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