Justice F.O. Giwa-Ogunbanjo of the Federal High Court in Enugu has adjourned the trial of Chinedu Roland Okoronkwo, alleged operator of a fraudulent Ponzi scheme, until October 29, 2024. Okoronkwo, alongside his company, Reliance Microfinance Cooperative Society Limited, is facing 36 charges brought by the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
The charges, which include operating unlicensed banking activities, forgery, and obtaining money under false pretenses, amount to a total fraud of N71.5 million. The EFCC alleges that Okoronkwo defrauded multiple investors, including one petitioner who claimed to have been lured into investing N25 million with the promise of reclaiming the sum after 90 days. The petitioner, however, was reportedly denied both the principal and the promised interest.
During the court proceedings on October 10, 2024, the EFCC’s counsel, Blessing Obasi, presented the ninth prosecution witness, Abubakar Abubakar Abubakar, an EFCC operative. He testified that after receiving the petition, numerous similar complaints were filed, prompting a deeper investigation into Okoronkwo’s activities. Financial records from Guaranty Trust Bank (GTB) and United Bank for Africa (UBA) revealed that Okoronkwo had opened multiple accounts, through which he allegedly diverted investors’ funds for personal use instead of investing them as promised.
The trial will continue on October 29, 2024.
