The Federal High Court Kano has convicted one Maryam Abu Shinga on one-count amended charge of retention of proceeds of crime and ordered her to pay the sum of N110, 000,000 in restitution to victims.
The convict was said to have lured her victims into a phony gold mining investment where she represented that the investor stands to earn 300% profit.
She claimed that if an investor invests N500, 000, such investor could earn one million, five hundred thousand Naira (N1, 500,000) as returns on investment over a period of four weeks.
It was gathered that the convict was never into gold mining or any such investment.
However, Shinga was able to pay some early investors with funds taken from later investors, she allegedly diverted three hundred and ninety-four million, five hundred and forty-one thousand, nine Hundred and ten Naira (N394,541,910) belonging to other investors.
Upon arraignment, Shinga who was arraigned on 23rd, January 2020 pleaded ‘not guilty, but opted for a plea bargain after the prosecution called five witnesses and tendered several documents as evidence.
In his judgment, the presiding judge, Justice Lewis 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.
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