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BREAKING: Umanah Umanah, Infamous Ponzi Scheme Operator Jailed 20 Years in Uyo

The Uyo Zonal Command of the Economic and Financial Crimes Commission (EFCC) says it has secured the conviction and sentencing of an infamous Ponzi scheme operator, Umanah Umanah before Justice Agatha Okeke of the Federal High Court sitting in Uyo, Akwa Ibom State.

According to the EFCC, Umanah’s nightmare started in 2020 when he was arrested by operatives of the EFCC following a petition by one of his victims, who alleged that Umanah swindled him of over Two million, Nine Hundred Thousand Naira and subsequently issued him a Five hundred Thousand Naira cheque, which was dishonored by the bank because the account was not funded.

During investigation, the EFCC said its operatives discovered that the defendant lured his victims through bogus promises of return on investment of up to 50% in seven days through his company, No Burn Global Limited, with a network in several states of the federation.

Details shortly.