By A Federal High Court, sitting in Kano, on Tuesday, ordered a Ponzi scheme operator Maryam Shinga, to refund the sum of N110 million to investors defrauded through the scheme.
On an amended charge bothering on retention of crime proceeds brought before the court by the Economic and Financial Crime Commission (EFCC), Justice Lewis Allagoa convicted the defendant, The Guild reported.
Shinga has been recognised by the court as an operator of a fraudulent Ponzi scheme that pays existing investors with funds collected from new investors.
The EFCC, in a statement released by the head of media and publicity, Wilson Uwajuren, said it argued in court that the convict lured her victims into a phony gold mining investment where she cajoled investors with a 300 percent profit.
The agency further explained that Shinga often told the victims that when an investor puts in N500,000 such an investor could earn over N1 million as returns on investment over a period of four weeks — a claim that was belied by investigations.
The defendant pleaded not guilty when the charge was read before her in a language she understands.
At the court proceeding, counsel for the prosecutor presented five witnesses and tendered several documents in evidence to prove all counts preferred against the defendant, forcing Shinga to opt for a plea bargain before the prosecution could close its case.
While the delivering judgement, Justice Allagoa accepted the plea bargain agreement, convicted, and ordered the defendant to refund the sum of N110, 000, 000 to the complainants.
