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HomeCrimeTwo Sentenced in Onitsha for N39.5 Million Fraud

Two Sentenced in Onitsha for N39.5 Million Fraud

 

On July 9, 2024, Justice Victoria Nwoye of the Anambra State High Court in Onitsha convicted and sentenced Ikechukwu Obiekwe and Ugo Chukwudi to one year in prison each for their involvement in a N39.5 million fraud scheme. This verdict comes after a detailed prosecution by the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).

 

The defendants faced 10 charges, including conspiracy, fraudulent conversion, theft, and the retention of proceeds from criminal activities amounting to N39,528,530. The case highlighted significant breaches of trust and financial misconduct.

 

Between 2016 and 2018, Ikechukwu Obiekwe fraudulently converted N18,145,530 from Rainbow Hair International Company Limited. This act contravened Section 342 of CAP 30, Criminal Code Law of Anambra State, and is punishable under Section 353 (6).

 

During the same period, Ugo Chukwudi transferred N5,399,000 to an account in Stanbic IBTC Bank belonging to Emma Ogonna Obiekwe. The funds were identified as part of the stolen money from Rainbow Hair International. This violated Section 17 (A) of the EFCC Act 2004 and is punishable under Section 17 (B).

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The prosecution, led by Mainforce Adaka Ekwu, presented six witnesses and substantial documentary evidence to establish the guilt of the accused beyond reasonable doubt.

 

Justice Nwoye ruled that the prosecution successfully proved its case, sentencing both men to one year imprisonment without the option of a fine. Additionally, the court ordered the forfeiture of the N39,528,530 to the victim, Rainbow Hair International Company Limited.

 

 

The case began on May 19, 2019, when a petition was filed by the victim, alleging that Obiekwe, a former apprentice, had diverted significant funds from the company’s sales account and subsequently absconded. Further investigation by the EFCC revealed that Obiekwe had collaborated with Chukwudi to siphon the money into various accounts.

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