Notorious Ponzi Operator Arrested EFCC

Umanah  Umanah the operator of a grand Ponzi Scheme, known as “No Burn Global Limited”  has  been arrested by operatives of the Uyo Zonal Office of the Economic and Financial Crimes Commission,  EFCC.

He was arrested recently in a hotel located at the Osongoma area of Uyo, Akwa Ibom state, following a petition sent to the Commission by Joseph E. Uko, who alleged that Umanah swindled him of over N2.9million (Two Million, Nine Hundred Thousand Naira) and subsequently issued him a cheque for N500,000 ( Five Hundred Thousand Naira only) that was never honoured as the account in question was not funded to cover the sum for which the cheque was issued.

According to the petitioner, after several months of expecting to receive his 50% returns on investment, without any success, he decided to get back his invested funds after all efforts made by him to get back his money proved abortive as Umanah had deserted his office located at Plot 110-Unit D,  Ewet Housing Estate, Uyo, and went into hiding.

Before his arrest, Umanah, 62,  was allegedly to have lured unsuspecting citizens to invest in his company,  by assuring them of a bogus 50% interest within one week.  He allegedly operated smoothly in a number of states, including the Federal Capital Territory (FCT), but denied any knowledge of the petitioner and the evidence of allegations against him.

Whiles being interrogated,  Umanah said:  “I am the Chief Executive Officer of No Burn Global Limited. The company is a consultancy and entrepreneurship service provider. It provides information and stimulates ideas. I was shocked to see the cheque as a source of a petition against me. It is my handwriting on the cheque. But I have never met Joseph Ukoh Eboh before in my life”.

However, futher investigations revealed that Umanah is the leader of a syndicate  of advance fee fraudsters , who had  operated in various states like Rivers, Bayelsa, Cross River and Abuja amongst others. He was also reported to be operating along the West Coast,  especially Ghana and Togo.

The suspect will soon be charged to court for prosecution.