In a press statement by the commission’s Head of media and publicity, Wilson Uwujaren, he said the convicts were sentenced on 2nd December following prosecution by the EFCC Enugu Zonal office.
He added that the brothers are both managing directors of ACJEC Global Services Ltd who lured people to invest in the company with promise of 30-34 per cent interest annually on their investment.
The sitting judge on the case, M.L. Abubakar of the Federal High Court, Awka, Anambra State convicted the Nwegwu brothers on 50 charges of conspiracy and obtaining money by false pretence.
EFCC said the prosecution began in 2011 when the commission received petitions against them, alleging that they were lured to invest the said money in ACJEC Global Services Ltd with the promise of mouth-watering 30- 34 per cent interest annually on their investments to be paid to them.
EFCC added that the petitioners alleged that after investing the said money they never got the interest nor the capital invested in the company.
The commission said after investigations they found out that more than N4 billion was paid into the accounts of the convicts by their victims, numbering over 200, in what turned out to be a Ponzi Scheme of sorts.
The Anti-graft agency added that one of the victims of the fraud was said to have invested more than N50million.
Abubakar, after reviewing the evidence brought by the EFCC against them held that the prosecution proved its case beyond every reasonable doubt and convicted them accordingly.
According to the statement, the judge further ordered that all the properties traced to them in the course of investigations should be forfeited to the Federal Government.
However, he gave the convicts an option of fine of N1million each, a decision which many of the victims of the scam present at the court hearing showed outright dissatisfaction to.
Meanwhile, the commission said on the same day, 3 internet fraudsters were sentenced to prison in Ekiti and Osun State.
EFCC said Ibadan zonal office of the commission secured the conviction of Adetunji Abayomi Ademola (a.k.a Clara Mantione Musellman), Blessing Daniel Aladetutu and Adebowale Fadairo.
Ademola stood before the sitting judge of the Federal High Court 1, Ado-Ekiti Judicial Division, K. Babs while the duo of Aladetutu and Fadairo were convicted in Federal High Court sitting in Osogbo, Osun State.
The statement further read that based on a plea bargain agreement with EFCC, Justice Babs convicted and sentenced Ademola to four months in prison.
Fadairo and Aladetutu were ordered to restitute $413 US dollars and $500 US dollars to their victims through the EFCC and forfeit their phones to the Federal Republic of Nigeria.
