The Economic and Financial Crimes Commission (EFCC), Enugu zonal office, has secured the conviction of two managing directors of ACJECGlobal Services Ltd, Kingsley Nwegwu and Joakin Nwegwu.
A press statement by the EFCC, Head, Media and Publicity, Mr. Wilson Uwujaren, Wednesday in Abuja, said the Nwegwu brothers were convicted by Justice M.L. Abubakar of the Federal High Court, Awka, Anambra state.
He said they were charged with 50 counts bordering on conspiracy and obtaining money by false pretence to the tune of N98.7million.
Uwujaren said their journey to prison began in 2011 when the EFCC received petitions against them, alleging that they were lured to invest the said money in ACJEC Global Services Ltd with the promise of mouth-watering 30- 34 percent interest annually on their investments to be paid to them.
The petitioners, he said, alleged that after investing the said money they never got the interest nor the capital invested in the company.
According to the spokesperson, investigation carried out by the commission further revealed that more than N4 billion was paid into the accounts of the convicts by their victims, numbering over 200, in what turned out to be a Ponzi Scheme of sorts.
One of the victims was said to have invested more than N50million.
After reviewing the evidences brought by the EFCC against them, Justice Abubakar, held that the prosecution proved its case beyond every reasonable doubts, and so, convicted them accordingly.
While sentencing them to one year in prison, the trial judge further ordered that all the property traced to them in the course of investigations, should be forfeited to the Federal Government. He also gave them an option of fine of N1million each.
However, many of their victims, who had thronged the court premises, expressed dissatisfaction over the one year prison sentence, particularly the option of N1million.
