Man Narrates How He Was Defrauded Of N6.9million In A Ponzi Scheme

Date: 09-05-2017 12:09 pm (4 years ago) | Author: Giwa bayo
- at 9-05-2017 12:09 PM (4 years ago)

Daniel Nyang, a prosecution witness in a N6.9 million Ponzi Scheme fraud trial on Monday told an Ikeja Division of the Lagos High Court how one Darlington Agomuo, and several others were defrauded by one Chibuogum Oraelosi under the pretext that the sum will qualify them to a profitable investment under the scheme, named Convenient Options Multilevel Scheme.
 Daniel Nyang, an Economic and Financial Crimes witness, said he was introduced to the scheme by one Mike Marolo.
 Mrs. Oraelosi is the Managing Director of Convenient Options Multilevel Scheme, a multilevel marketing scheme where recharge cards were used as products, with a subscription fee of N30,000. While N20,000 is for an individual’s registration, N10,000 is for recharge cards.
“I picked interest and realized that it involved N30,000 to get started,” said Mr. Nyang.
“I thought of bringing people who don’t have N30,000 and have someone sponsor them so long as they kept bringing people into the scheme and in return, they will be paying through their proceeds or what we call bonus.”
“At that point where I never had finance to go into the project, I met Mr. Darlington and after explaining the business to him, he was willing to be the sponsor on the condition that I will take him to the Convenient Option office to meet with Mrs. Oraelosi.”
 Mr. Nyang further said that, “at the meeting, Mrs. Oraelosi clarified all doubts and made all of us believe that the business is genuine and workable and the sponsorship started, we filled forms, recruiting people and opened account with the Micro finance bank that Mr. Darlington had approached because of his relationship with the Micro finance bank.”
“In the first month, we received bonus of about N200,000 as a group. But the following month, issues started cropping up and as of the last information received from Mr. Darlington, he said he had disbursed about N3.5million to Mrs. Oraelosi,” said Mr. Nyang.
 According to the witness, “In each person you introduce to the scheme, you are to be paid N1,500 as bonus and when you get to a certain level depending on your down-line, we receive incentives like Honda CR-V and other incentives. “At the second and third month when people who signed up weren’t receiving their bonuses, pressure started. The Micro finance bank withdrew their sponsorship with the unfolding of events.
 “Subsequently, we were informed by Mr. Darlington that the United Bank of Africa (UBA) had taken up sponsorship and we were required to open an account before we could enjoy sponsorship. Mr. Darlington paid the money for everyone in the group including me. But there was still no headway.
“When people revolted, including Darlington against another of her (Mrs. Oraelosi) business plan which involved signing up with N50,000, she announced that they were moving away from recharge cards network marketing to Foodstuffs network marketing.
 “On several occasions, we went to her for explanations on the original business plan we had, she chased us with mobile policemen and security dogs. Not too long we could not reach her information got to us that she had travelled to U.S.A,
” said Mr. Nyang.
 Justice Hakeem Oshodi adjourned the case to July 5 for continuation of trial. Mrs. Oraelosi and her firm, Convenient Options Limited, are facing three-count charge of fraud and obtaining by false pretence. She pleaded not guilty to the charges.

Posted: at 9-05-2017 12:09 PM (4 years ago) | Hero
- christianity at 9-05-2017 02:10 PM (4 years ago)
Mugu no dey finish for market
Posted: at 9-05-2017 02:10 PM (4 years ago) | Gistmaniac
- morgan1 at 9-05-2017 03:20 PM (4 years ago)
MMM senior bros,,,
Posted: at 9-05-2017 03:20 PM (4 years ago) | Hero
- schmit at 9-05-2017 07:19 PM (4 years ago)
N.a. wa oo where ur sense
Posted: at 9-05-2017 07:19 PM (4 years ago) | Hero
- Goodluck-just at 9-05-2017 10:02 PM (4 years ago)
So many ways to catch som of dese nigerians...
Posted: at 9-05-2017 10:02 PM (4 years ago) | Gistmaniac
- BournIdentity at 10-05-2017 07:30 AM (4 years ago)
U get money no mean sey ur destiny no go locate you.. Na to dey carry ponkpon,, brainwashed imbecile
Posted: at 10-05-2017 07:30 AM (4 years ago) | Addicted Hero
- Larry28 at 11-05-2017 11:55 AM (4 years ago)
Posted: at 11-05-2017 11:55 AM (4 years ago) | Hero


  1. Nigerian Singer, Tiwa Savage's Real Sex Tape With Her Boyfriend Finally Leaked Online (Video)

  2. "He Used His D!ck To Destroy My Punana"- Watch As Tiwa Savage Teases Fans With Alleged Sex Tape

  3. Check Out 5 Photos That Proves Tiwa Savage Alleged Sextape is Real

  4. Video: Actress, Tonto Dikeh Mocks Janemena, Flaunts Lexus SUV She Seized From Kpokpogri

  5. I Changed The Narrative"–Tiwa Savage Reacts To Reports That Her Sex Tape 'Interview' Was For PR

  6. Tonto Dikeh's Friend, Doris Ogala Reacts as Police Detain Prince Kpokpogri

  7. Photos: Ooni of Ife Celebrates Daughter, Princess Adeola Ogunwusi He Had When He Was 19

  8. Prophet Evans Admires Naira Marley, Says He Only Smokes Weed, He’s In Right Senses

  9. Protests, a Citizens' Right - Lagos Police Make U-turn, Approve #EndSARS Protest

  10. Tension in Kwara As RCCG Member, Sina Babarinde is Shot Dead in Front of The Church

  11. One Year After #EndSARs Protest, Over 300 Protesters Still in Detention

  12. Osun Lawmaker Escapes Death by The Whiskers as Gunmen Attack Convoy

  13. American Rapper, Kanye West Officially Changes His Name to “Ye”

  14. Watch Yemi Alade's Reaction After British Singer, Ed Sheeran Declared His Love For Ghana Jollof

  15. Investors in Tears as Nigerian Couple Bamise & Elizabeth Ajetunmobi, Flee With N22 Billion

  16. Activists Announce Venues For EndSARS Memorial Protests Across Nigeria And Abroad

  1. Pastor Caught Red-Handed Having Sex With Female Church Member On The Church Altar (Video)

  2. Jane Mena & I Do it From Morning Till Night,She Doesn’t Get Tired – Kpokpogri Says in Leaked VN

  3. Actor, Stan Nze Reveals How He Was Mocked For Marrying a 42yr Old Woman (Video)

  4. Video: Fans Condemns ''Mummy Of Lagos'' Bobrisky For Dressing Like A Man To Visit His Brother

  5. Shocking Story Of Twin Brother & Sister Who Committed Incest & Had Children Together In Nasaraw

  6. UK Govt Advises Citizens Not to Travel to These 12 States in Nigeria

  7. J.S.S 1 Student Commits Suicide After Being Caught By Mother Having Sex With A 14-Yr-Old Girl

  8. "Why You Should Moan During Sex" - General Opinions

  9. Groom Storms His Wedding Reception Putting On A Skirt In Benin (Video)

  10. 45-Yr-Old Man, Olaoluwa Jimoh Impregnates His Daughter In Ogun; Claims She Used Charms On Him