US EditionNigeria: EFCC Arraigns 'Ponzi Scheme Director' for Allegedly Defrauding Over 3,000 Investors
- Precious Williams appeared before Justice Mark in Port Harcourt on June 17, 2025, and was remanded at Port Harcourt Correctional Centre while her bail application is pending.
- Williams was charged with 14 counts related to a scheme involving conspiracy, fraudulent acquisition of funds through deceptive means, and laundering of illegally obtained money connected to activities that took place between 2019 and 2020.
- Williams is accused of receiving over N13.8 billion linked to fraudulent investment schemes orchestrated by MBA TCIL and its affiliates, which defrauded upwards of 3,000 investors by promising false monthly returns ranging between 10 and 15 percent.
- Counsel Tochukwu Maduka, SAN, asked the court to grant bail to allow time for trial preparation, but prosecution counsel E.K. Bakam opposed the request, arguing that the bail application was premature since it was submitted prior to the service of amended charges and the defendant’s formal arraignment.
- The case was adjourned to June 17, 2025, for a fresh bail hearing, while EFCC continues to track other suspects still at large in the alleged fraudulent investment scheme.
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‘N13.8bn fraud’: EFCC arraigns ponzi scheme director - Daily Trust
The Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, the Director of Glossolalia Nigeria Ltd and Pelenged Nigeria Ltd, over her alleged involvement in a fraud and money laundering scheme. Williams was arraigned on Monday, June 16, before S.I. Mark, Justice of the Federal High Court sitting in Port Harcourt, Rivers State. She was docked on a 14-count charge bordering on cons…
Nigeria: EFCC Arraigns 'Ponzi Scheme Director' for Allegedly Defrauding Over 3,000 Investors
The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, for allegedly defrauding over 3,000 investors to the tune of N13.8 billion.
EFCC arraigns company director for N13.8 billion Ponzi scheme fraud
EFCC said the charges stemmed from a complex fraud allegedly orchestrated in collaboration with other conspirators. The post EFCC arraigns company director for N13.8 billion Ponzi scheme fraud appeared first on Premium Times Nigeria.
EFCC Arraigns Ponzi Scheme Operator Over Alleged N13.8bn Fraud
June 17, (THEWILL) – The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, before Justice S. I. Mark of the Federal High Court in Port Harcourt, Rivers State, over an alleged N13.8 billion fraud. Williams is facing a 14-count charge bordering on conspiracy, advance
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