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EFCC Arraigns Lawyer Ozougwu for Alleged N1.3 Billion Fraud in Ponzi Scheme
- EFCC Arraigns Lawyer Ozougwu for Alleged N1.3 Billion Ponzi Fraud
- Lawyer Alexander Ozougwu Faces Court Over N1.3 Billion Fraud, Granted Bail
- EFCC Cracks Down on Ponzi Scheme: Lawyer Ozougwu Accused of N1.3 Billion Fraud
The Economic and Financial Crimes Commission (EFCC) has arraigned lawyer Alexander Ozougwu for allegedly defrauding victims of N1.3 billion.
The Uyo Zonal Command of the EFCC brought the suspect before a Federal High Court in Uyo on 12 February.
EKO HOT BLOG reports that according to EFCC spokesperson Dele Oyewale, Ozougwu posed as a registered bureau de change operator with the Central Bank of Nigeria to gain the trust of four victims.
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Presenting himself as a legitimate operator, he collected their betting account passwords and promised to help fund their accounts, only to divert their funds instead.
Investigations uncovered that the defendant was running a Ponzi scheme under the guise of exchanging dollars, channeling funds into various betting platforms. In all, N1,323,850,000 was reportedly siphoned from the victims’ accounts.
Ozougwu faces six charges of obtaining money by false pretense, in violation of Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022. The charges detail incidents in July and September 2024, where he allegedly received N268,850,000 and N213,000,000, respectively, through a bank account under the name “Starlight Attorneys.”
The defendant pleaded not guilty. While prosecution counsel Joshua Abolarin called for his remand in a Correctional Centre pending trial, defence counsel C. M. Onuchukwu informed the court of a bail application filed on self-recognition, assuring his client’s availability for trial.
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After considering both sides, the judge granted Ozougwu bail in the sum of N500 million with two sureties of an equal amount.
EFCC Officer Dies Lagos
The sureties must be civil servants at grade level 12 and above with landed properties within the court’s jurisdiction. Additionally, Ozougwu was ordered to deposit his international passport and two recent passport photographs with the court.
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