The Digest:
Nine Chinese nationals have been sentenced to one year in prison for operating a Ponzi scheme in Lagos, linked to terrorism financing. The scheme, uncovered in December 2024, defrauded Nigerians while violating Nigerian financial regulations.
Key Points:
- Nine Chinese nationals were convicted of running a Ponzi scheme tied to terrorism financing.
- The court sentenced them to one year in prison and imposed a fine of N1 million each.
- The scheme was uncovered in Victoria Island, Lagos, in December 2024.
- The convicts, including Qin Xiao Yong and Luo Mao Yang, pleaded guilty under a plea bargain agreement.
- The court ordered the forfeiture of electronic devices seized during the investigation.
- The Nigerian Immigration Service is tasked with deporting the convicts after their sentence.
- The scheme reportedly defrauded Nigerians and violated Nigeria’s financial regulations.
The conviction of the nine Chinese nationals serves as a stern warning against fraudulent investment schemes in Nigeria. The court’s actions, including prison sentences and asset forfeiture, highlight the country’s commitment to curbing financial crimes linked to terrorism.
Sources: Punch, Vanguard
