The Federal High Court in Calabar has sentenced the Chief Executive Officer of Micheno Multi-purpose Cooperative Society, Uno Michael Eke to one year in prison for orchestrating a staggering N2 billion fraud scheme.
Delivered the judgment on Friday, Justice Rosemary Dugbo Oghoghorie found Eke guilty of conspiracy, obtaining property by false pretence, and money laundering.
The businessman’s conviction followed a guilty plea to four-count amended charges brought against him by the Economic and Financial Crimes Commission (EFCC), Uyo Zonal Directorate.
Eke’s elaborate scam promised unsuspecting investors an eye-watering 80 percent return on investment within just 40 days, luring in countless victims.
Investigators revealed that he operated multiple bank accounts under his name and his company’s, funneling billions into lavish properties while leaving investors in financial ruins.
His fraudulent empire came crashing down when authorities uncovered his massive assets, including: 12 luxury flats in Calabar, two vast plots of land in Cross River State, 18 self-contained flats near the University of Calabar and N10 million in cash.
Despite his guilty plea, Eke’s legal team sought leniency, citing a plea bargain agreement.
However, the court ruled decisively, sentencing him to one year behind bars or an option of a N2 million fine.
Additionally, all his seized assets and funds will be forfeited to the Federal Government, with restitution to be made to his defrauded victims.
