{"id":22782,"date":"2019-12-04T09:16:30","date_gmt":"2019-12-04T08:16:30","guid":{"rendered":"https:\/\/everyday.ng\/?p=22782"},"modified":"2019-12-04T09:16:30","modified_gmt":"2019-12-04T08:16:30","slug":"court-sends-two-brothers-to-prison-for-n4bn-fraud-option-of-n1-million-fine-angers-the-defrauded","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=22782","title":{"rendered":"Court sends two brothers to prison\u00a0for N4bn Fraud; option of N1 million fine angers the defrauded"},"content":{"rendered":"

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The other Nwegwu<\/figcaption><\/figure>
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\nPalpable anger was evident at the court premises where two brothers and directors of a company were Monday sentenced to a year imprisonment or an option of fine of one million naira each.
\nMany\u00a0of their victims, who had thronged the\u00a0court premises, expressed dissatisfaction over the conviction, though the court ordered the forfeiture of all assets seized from them in the course of investigations.
\nA statement by the spokesman of the Economic and Financial Crimes Commission, EFCC, which secured the conviction of Kingsley Nwegwu and Joakin Nwegwu, did not state the worth of the seized assets or whether depositors will be paid back in any way.
\nThe Nwegwus are directors\u00a0of ACJEC Global Services Ltd.
\nThe Nwegwu brothers were convicted by\u00a0Justice M.L.\u00a0Abubakar of the Federal High\u00a0Court,\u00a0Awka, Anambra \u00a0State\u00a0before whom they were charged with 50 counts bordering\u00a0on conspiracy and obtaining money by false pretence to the tune of N98.7million.
\nTheir\u00a0journey to prison\u00a0began\u00a0in 2011 when the\u00a0EFCC\u00a0received petitions \u00a0against\u00a0them,\u00a0alleging that they were \u00a0lured\u00a0to invest\u00a0the said money in ACJEC Global Services Ltd\u00a0with the promise of mouth-watering\u00a030- 34\u00a0percent interest annually on their\u00a0investments.
\nThe petitioners\u00a0alleged\u00a0that after investing the\u00a0said money they never got\u00a0the interest nor the capital invested in the company.
\nInvestigations carried out by the EFCC further revealed that more than\u00a0N4\u00a0billion was paid into the accounts of the convicts by\u00a0their victims,\u00a0numbering over\u00a0200, in what turned out to be a Ponzi Scheme of sorts. One of the victims was\u00a0said to have invested more than N50million.
\nOne of the charges against\u00a0them\u00a0reads: \u201cThat you,\u00a0Kingsley Chinedu Nwegwu, Chetachukwu Joakim Nwegwu, and ACJEC Global Services Ltd, on or about\u00a0the 23rd of March,\u00a02011 at Awka, Anambra\u00a0State within the jurisdiction of the Federal\u00a0High\u00a0Court of Nigeria,\u00a0with intent to defraud, obtained by false pretense the sum of\u00a0N15,000,000.00
\n(Fifteen million\u00a0naira) from Okeke Osita Samuel when you represented that the said\u00a0amount of money was an\u00a0investment in a business of partnership venture which would generate\u00a0more financial income\u00a0for the said Okeke Osita Samuel, a pretense you knew to be false and
\nthereby committed an\u00a0offence contrary to section 1(1) b of the Advance Fee Fraud and Other\u00a0Fraud Related Offences \u00a0Act No.14 of 2006 and punishable under Section 1(3) of the same Act.\u201d
\nAfter reviewing the evidences\u00a0brought by the EFCC against them,\u00a0Justice Abubakar,\u00a0held that the prosecution proved its case beyond every reasonable doubts, and so, convicted them accordingly.
\nWhile sentencing them to one year in prison, the trial judge further ordered that all the properties traced to them in the course of investigations, should be forfeited to the Federal Government. He also gave them an option of fine of N1 million each.<\/p>\n","protected":false},"excerpt":{"rendered":"

                  Palpable anger was evident at the court premises where two brothers and directors of a company were Monday sentenced to a year imprisonment or an option of fine of one million naira each. Many\u00a0of their victims, who had thronged the\u00a0court premises, expressed dissatisfaction over the conviction, […]<\/p>\n","protected":false},"author":7,"featured_media":22781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[342,343],"class_list":["post-22782","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","tag-n4b","tag-nwegwu"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/22782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22782"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/22782\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}