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Fraudster bags three-year jail term, loses nine properties to FG

By Sodiq Omolaoye, Abuja
06 July 2022   |   3:44 pm
Justice Efe Ikponmwonba of the Edo State High Court, Benin City, has sentenced David Wealth Ezuzu, an investment Fraudster to three years imprisonment for fraudulently obtaining over N5 billion from unsuspecting members of the public on the pretext of investment in forex trading. Ezuzu, who is the chief executive of Arerben Ventures, an investment company,…

Justice Efe Ikponmwonba of the Edo State High Court, Benin City, has sentenced David Wealth Ezuzu, an investment Fraudster to three years imprisonment for fraudulently obtaining over N5 billion from unsuspecting members of the public on the pretext of investment in forex trading.

Ezuzu, who is the chief executive of Arerben Ventures, an investment company, was arraigned on one count charge of obtaining by false pretence by the Benin Zonal Command of the Economic and Financial Crimes Commission, EFCC

EFCC spokesperson, Wilson Uwujaren in a statement on Wednesday said the defendant pleaded guilty to the charge.

In view of his plea, the prosecution counsel, Francis A.Jirbo, prayed the court to convict and sentence him accordingly.

However, the defence counsel, A. Afamefena, pleaded with the court to temper justice with mercy as restitution shall be made to the victims of the crime.

Justice Ikponmwonba convicted and sentenced Ezuzu to three years imprisonment with an option of a two Million Naira fine, while his company, D.W.Arerben Global Investment, was convicted and sentenced to a fine of N2 million.

The company is to be wound-up and the balance of N1, 099,503.08 in its account forfeited to the Federal Government through the EFCC for the purpose of restituting the victims of the crime.

The judge also ordered the forfeiture of N102, 131.45 in the defendant’s business account and five other bank accounts (David Wealth Ezuzu Zenith bank account no: 2179944006, David Ezuzu Guarantee Trust Bank account no: 0046882751, David Ezuzu Standard chartered bank account no:5005093998, David Ezuzu Wema Bank account no :025183759; 0620469522 ; 0620485793 ;0620485786;2009369467 and Prestana Enterprise Sterling Bank account no: 0081931988) to the Federal Government through the EFCC for the purpose of restituting victims of the crime.

The court further ordered that the defendant forfeits to the Federal Government through the EFCC for the benefit of the victims of the crime about nine properties in different locations in Delta State.