The Nwegw siblings were sentenced by Justice M.L. Abubakar of the Federal High Court, Awka, Anambra State before whom they were accused of 50 tallies verging on trick and getting cash by falsification to the tune of N98.7million.
EFCC commenced the examination on the pair in 2011 when the EFCC got petitions against them, charging that they were tricked to put the said cash in ACJEC Global Services Ltd with the guarantee of mouth-watering 30-34 percent premium every year on their ventures to be paid to them.
The solicitors claimed that subsequent to contributing the said cash they never got the premium nor the capital put resources into the organization.
Examinations did by the EFCC further uncovered that more than N4 billion was paid into the records of the convicts by their exploited people, numbering more than 200, in what ended up being a Ponzi Scheme of sorts. One of the unfortunate casualties was said to have contributed more than N50million.
Check 15 of the charges against them peruses: "That you, Kingsley Chinedu Nwegwu, Chetachukwu Joakim Nwegwu and ACJEC Global Services Ltd, approximately the 23rd of March, 2011 at Awka, Anambra State inside the purview of the Federal High Court of Nigeria, with plan to defraud,obtained by misrepresentation the entirety of N15,000,000.00 (Fifteen million naira) from Okeke Osita Samuel when you spoke to that the said measure of cash was an interest in a business of organization adventure which would produce progressively budgetary pay for the said Okeke Osita Samuel, a falsification you knew to be bogus and in this way dedicated an offense as opposed to segment 1(1) b of the Advance Fee Fraud and Other Fraud Related Offenses Act No.14 of 2006 and culpable under Section 1(3) of a similar Act."
In the wake of looking into the bits of proof brought by the EFCC against them, Justice Abubakar held that the arraignment demonstrated its case past each sensible uncertainty, thus, indicted them as needs be.
While condemning them to one year in jail, the preliminary judge additionally requested that every one of the properties followed to them over the span of examinations ought to be relinquished to the Federal Government. He likewise gave them an alternative of fine of N1million each.
Be that as it may, a significant number of their unfortunate casualties, who had thronged the court premises, communicated disappointment over the one-year detainment given them by the court, especially the choice of N1million.
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