EFCC secures 20-year jail term against notorious Ponzi scheme operator Umanah

A Federal High Court sitting in Uyo has jailed a notorious Ponzi scheme operator Umanah Umanah for 20 years.

Justice Agatha gave the judgment on Tuesday.

Umana’s nightmare started in 2020 when he was arrested by operatives of the Economic and Financial Crimes Commission (EFCC) following a petition by one of his victims, who alleged that Umanah swindled him of over N2.9million and subsequently issued him a N500, 000. 00 cheque, which was dishonored by the bank because the account was not funded.

During 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.