A Federal High Court sitting in Kano, on Tuesday, convicted a woman. Maryam Abu Shinga on one count of the preservation of proceeds of crime.
In his ruling, Justice Lewis Allagoa ordered her to pay her victims the sum of N110,000,000 as a compensation.
Shinga was reported to have deceived her victims into a sham gold mining investment, claiming the depositor stood to earn 300% profit.
She claimed that when a depositor invests N500, 000, such an investor could earn N1,500,000 (One million and five hundred thousand naira only) as proceeds on investment over a period of four weeks.
The investigation, however, exposed that the convict was never into gold mining or any such investment. It was also disclosed that even though Shinga was able to pay some early investors with funds taken from investors who joined later, 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.
She, however, pleaded ‘not guilty’ upon her arraignment, thereby setting the stage for prosecution.
During the trial which began on January 23, 2020, the examination called five witnesses and tendered several documents in evidence. However, before the prosecution could close its case, the convict chose a plea bargain.
In his judgment yesterday, 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.
