The Federal High Court, Kano has onvicted one Maryam Abu Shinga on a one-count amended charge of retention of proceeds of crime.
Shinga who was prosecuted by the Economic and Financial Crimes Commission (EFCC) was also ordered by Justice Lewis Allagoa of the court to pay the sum of N110 millions in restitution to victims
She was said to have lured her victims into a phoney gold mining investment where she represented that the investor stands to earn 300 per cent profit. She claimed that when an investor invests N500, 000, such investor could earn N1, 500,000 (One Million Five Hundred Thousand naira Only) as returns on investment over a period of four weeks.
The investigation by the EFCC however, revealed that the convict was never into gold mining or any such investment.
It was also discovered that even though Shinga was able to pay some early investors with funds taken from later investors, she allegedly diverted N394,541,910 (Three Hundred and Ninety-four Million, Five Hundred and Forty-one Thousand, Nine Hundred and Ten Naira) belonging to several other investors.
Upon arraignment, Shinga pleaded ‘not guilty’ thereby setting the stage for trial.
During the trial which commenced on January 23, 2020, the prosecution called five witnesses and tendered several documents in evidence. However, before the prosecution could close its case, the convict opted for a plea bargain.
In his judgment on Tuesday, March 2, Justice Allagoa accepted the terms of a plea bargain agreement, convicted and sentenced the defendant to restitute the complainants in the sum of N110, 000,000.