Alleged fraud: Court orders arrest of Ponzi scheme operator

For allegedly being involved in fraud to the tune of N36.45 million, a Federal High Court sitting in Ikoyi, Lagos, presided over by Justice Tijjani Ringim, yesterday, issued a bench warrant against an alleged Ponzi scheme operator, Dr. Victoria Yemisi Imase-Regal.

The judge took the decision sequel to a request made by the Police Special Fraud Unit (PSFU) Ikoyi, Lagos, through its counsel, Justin Enang.

It would be recalled that the PSFU had dragged the Defendant alongside her companies before the court on a seven-count charge of conspiracy, obtaining by false pretence and issuance of dud cheques.

The companies charged alongside the alleged Ponzi scheme operator are Yellowpoint Group Media Enterprise, Yellowpoint Investment Limited, and Yellowpoint FT. International Limited.

In specific terms, the PSFU accused Dr. Victoria Yemisi Imase-Regal of using her companies to defraud his victims of the above-stated sum, on the false pretence of giving them Multiple Returns on Investment.

Among those allegedly defrauded by the defendant includes Iyoha Ihesekhen Gabriel; Adebeshin Edward Opeoluwa: Kayode Valentine Fowode and Samson Adekunle Martins.

The Defendant was further accused of issuing two bank cheques with the monetary value of N18.45 million and N18 million to Mr. Iyoha Ihesekhen Gabriel, which were presented for payment on the date stated therein, but both cheques were rejected on the ground that insufficient funds was standing in the account.

According to the prosecutor, the offences committed by the defendant, are contrary to Section 8(a); 1(1)(a) and punishable under Section 1(3) of the Advance Fee fraud and other Fraud Related Offences Act, 2006. 

Enang further informed the judge that the offence is contrary to and punishable under Section 1(1) of the Dishonoured Cheques Act, Cap 011, Laws of the Federation of Nigeria, 2004. 

But the Defendant had never appeared before the court to take her plea since the charge was filed.

In addressing the court, Enang hinted to the judge that the defendant has never shown up since she was granted administrative bail by the police.

Enang consequently urged the court to issue a bench warrant against her.

In a bench ruling, Justice Ringim held that: a “Bench Warrant is hereby issued against the defendant”.

In adjourning the case until April 4, 2023, for the arraignment of the defendant, the judge declared that the police can approach the court for her arraignment if she is arrested before the adjourned date.

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