EFCC: Cooperative Society CEO Jailed for N2 Billion Fraud in Calabar

Cooperative Society CEO Jailed for N2 Billion Fraud in Calabar

A 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 conspiracy, obtaining money under false pretenses, and money laundering amounting to N2 billion.

Justice Rosemary Dugbo Oghoghorie delivered the verdict after Eke pleaded guilty to a four-count amended charge brought against him by the Uyo Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).

Fraudulent Scheme and Court Ruling

Eke was found guilty of defrauding unsuspecting investors by falsely promising an 80% return on investment within 40 days under the pretense of a Swiss gold investment package. Among the victims was Kubnse Ogar Ebute, who was deceived into investing N2 million.

Following Eke’s guilty plea, the prosecution counsel, Joshua Abolarin, urged the court to convict him. In response, defense counsel, Ime Umanah, pleaded for leniency, citing a plea bargain agreement.

After reviewing the case, Justice Oghoghorie sentenced Eke to one year in prison with an option of a N2 million fine. Additionally, the court ordered the forfeiture of multiple properties acquired with fraudulent funds, including:

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• Twelve (12) flats of two bedrooms each along Goodluck Jonathan Bypass, Calabar.
• Two (2) plots of land measuring 4.162 hectares and 3.391 hectares in Adiabo Ikot Mboout, Odukpani LGA, Cross River State.
• Two (2) plots of land at Akai Effa, Calabar Municipality.
• Eighteen (18) self-contained flats near the University of Calabar, Ita-Agbor, Calabar.
• N10 million recovered during investigations.

The court directed that all recovered funds be restituted to victims listed in the charges.

How the Fraud Unfolded

Eke’s scheme involved operating multiple bank accounts under his name and company, where he amassed N2 billion from unsuspecting investors. The funds were then used to acquire landed properties and luxury assets in Calabar.

The EFCC arrested Eke following complaints from victims who never received their promised returns. His conviction serves as a warning against fraudulent investment schemes that prey on individuals seeking high returns.