Ponzi scheme operator Theophilus Ebonyi loses hotel, other choice properties, cash to FG
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EFCC had proved in court that a Keystone Bank account number, 1011795156, belonging to the second respondent, Theobarth Global Foundation was the major account through which the first respondent collected his victims’ money in the Ponzi scheme and laundered through the acquisition of the forfeited properties.
By Ayox Ojo
An alleged ponzi scheme operator identified as Theophilus Oloche Ebonyi has lost choice properties and funds to the Federal Government following final forfeiture order granted EFCC by Justice M.O. Olajuwon of the Federal High Court, sitting in Lafia, Nasarawa State.
In his judgment delivered on Wednesday, Justice Olajuwon held that the EFCC presented sufficient materials before the court to prove that the assets were proceeds of unlawful activity.
The Judge added that Commission satisfied the requirements of Section 17(1) of the Advanced Fee Fraud and Other Fraud Related Offences Act.
The judge further stated that with the Commission establishing cause for a reasonable suspicion of the assets to be proceeds of unlawful activity, the burden shifted to the respondents to show cause as to why the assets should not be permanently forfeited to the federal government.
He held that the respondents in this matter failed to discharge that burden.
The EFCC had through an affidavit deposed to by its investigator, Mary Ebute and submissions of its counsel, Ibrahim Buba (now Justice of the Federal High Court of Nigeria), proved in court that a Keystone Bank account number, 1011795156, belonging to the second respondent, Theobarth Global Foundation was the major account through which the first respondent collected his victims’ money in the Ponzi scheme and laundered through the acquisition of the forfeited properties.
The forfeited assets, according to a statement by the spokesperson of EFCC, Dele Oyewale include a 23-room hotel and event centre known as De Thinkers Home and Apartments, located at New Layout, Abattoir Road First Gate, Nyanya Gwandara, Nasarawa State; a warehouse and sachet water factory and dispenser, located at No. 20 Philip Doda Street, Koroduma, Karu Local Government Area of Nasarawa State and two office buildings, located at Philip Doda Street, before Chapel of Redemption Church, One-man Village, Koroduma, Karu, Nasarawa State.
The others are Theo International Academy Primary School, situated at Second Gate, Balogun Street, beside Football Field, Nyanya Gwandara, and the sum of N1,005,489.27 (One Million, Five Thousand, Four Hundred and Eighty-nine Naira, Twenty-seven Kobo) found in his First Bank account with account number 2033640394.
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