Brothers Jailed for Fraud
A Federal High Court in Awka on Monday sentenced two brothers involved in an illegal Ponzi scheme and Communications business to one year concurrent imprisonment each.
The convicted persons, Mr Chinedu Nwegwu and his brother, Mr Joachim Nwegwu, who are co-owners of a company named AJEC Global Services Limited, were also slammed with one million naira fine and forfeiture of all landed property.
In a judgement delivered on an assignment order, the visiting judge, Justice Muhammad Abubakar, said he was convinced that the prosecution had proved beyond reasonable doubt that the convicts were guilty as charged.
The brothers have been on trial for the past nine years for defrauding investors of a collective sum of ninety-eight million, seven hundred and fifty-five thousand naira (N98, 755,000) and diverting same into private accounts.
Some of those defrauded who spoke to correspondent Kenechukwu Ofomah thanked the judiciary for living up to expectation, noting that they have learnt their lessons. Some however frowned at the length of the jail term, calling for the maximum number of years for the offenders as pa the fraud law.