Maryam Abu Shinga, Kano fraudster to refund N110m to victims

Ponzi scheme operator in Kano Maryam Abu Shinga
Ponzi scheme operator in Kano Maryam Abu Shinga

A fraudster in Kano, Maryam Abu Shinga has been ordered to refund N110million to victims of her Ponzi scheme.

This followed her conviction 2 March by Justice Lewis Allagoa of the Federal High Court, Kano.

She was found guilty on one count amended charge of retention of proceeds of crime.

The convict was said to have lured her victims into a phony gold mining investment where she falsely told investors that they stand to earn 300% profit.

She claimed that when an investor invests N500, 000, such investor could earn N1, 500,000 as returns on investment over a period of 4 weeks.

The EFCC however found that Maryam was never into gold mining or any such investment.

It was also discovered that even though Maryam Shinga was able to pay some early investors with funds taken from later investors, she diverted N394,541,910 belonging to other investors.

Upon arraignment, Shinga pleaded ‘not guilty’ thereby setting the stage for trial.

During the trial which commenced on 23 January 2020, the prosecution called five witnesses and tendered several documents in evidence.

However, before the prosecution could close its case, the convict opted for a plea bargain.

In his judgment on Tuesday, March 2, Justice Allagoa accepted the terms of a plea bargain agreement, convicted and sentenced the defendant to restitute the complainants in the sum of N110, 000,000.

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