A notorious Ponzi Scheme operator (Money Doubler), Mr Umanah Umanah, has been convicted and sentenced to 20 years imprisonment in Uyo, Akwa Ibom State capital.
It was gathered that Umanah was convicted and sentenced by Justice Agatha Okeke of the Federal High Court sitting in Uyo, Akwa Ibom State, on Tuesday, March 8, 2022.
Umanah’s nightmare started in 2020 when he was arrested by operatives of the Economic and Financial Crimes Commission following a petition by one of his victims, who alleged that Umanah swindled him of over N2.9 million and subsequently issued him a N500,000 cheque, which was dishonoured by the bank because the account was not funded.
During the investigation, the EFCC discovered that the defendant lured his victims through bogus promises of return on investment of up to 50 per cent in seven days through his company, No Burn Global Limited, with a network in several states of the federation.
His conviction was secured by the Uyo Zonal Command of the EFCC.