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Fraud: Online biz Owner Promises 100% ROI, lands in prison

It has been noticed in recent times that a lot of online businesses that tend to offer mouth-watering Returns on Investment has been invoke.

A lot of people who do not make proper findings about the businesses concerning its legibility tend to fall prey to some hoodlums who have hid under the canopy of online business to defraud their unsuspecting victims.

A High Court in Kaduna State on Wednesday has sentenced Francis Emmanuel, to one year imprisonment for defrauding a trader of N300,000.00 through an online platform.

Delivering judgment, Justice M.T.M Aliyu, also ordered the convict to pay a restitution of N300,000.00 to the nominal complainant, Julius David.

The Economic and Financial Crimes Commission (EFCC), Kaduna Zonal Office had earlier arraigned and charged Emmanuel with fraud.

Justice Aliyu gave the convict an option to pay a fine of N100,000.00, after he pleaded guilty and begged for leniency.

The EFCC counsel, Onyeka Ekweozor told the court that the convict allegedly convinced David through a social media account, to invest in an online business with a promise of a100 per cent returns on investment (ROI) within 24 hours.

Onyeka said, from the evidence on ground, David transferred N200,000.00 and N100,000.00 in two different accounts owned by the convict.

The anti-graft counsel said that after the money was transferred, the convict blocked the complainant.

All efforts made to recover the money proved abortive.

The offence is punishable by law, in line with the provisions of Section 309 of the Kaduna State Penal Code, 2017.

The defence counsel K. J. Garba, appealed for mercy, on behalf of the convict, saying that he, the convict was a first time offender who has promised never to indulge in such acts anymore.

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