EFCC Arrests Notorious Ponzi Operator In Uyo


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

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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.

But all efforts made by him to get back his money proved abortive as Umanah deserted his office located at Plot 110-Unit D,  Ewet Housing Estate, Uyo,, and went into hiding until operatives of the Commission smoked him out.

Before his arrest,  Umanah, 62,  allegedly lured people 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 his allegations against him.

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