3 wonder bank operators bag jail term for conspiracy and cheating

The EFCC on Thursday, 8th December, 2016 secured the conviction of three operators of wonder bank, Dayo Peter Bulus, Oyeleye Adetunji and Martins Adedayo before Justice Salad Mohammed of High Court 2 Gombe, Gombe State on two Count charge of Conspiracy and Cheating to tune of N968, 050.

They were arraigned by the EFCC on Thursday 8th December, 2016 before Gombe State High Court no. 2. Upon their arraignment, the convict pleaded guilty to the two count charge against them.
The complainant alleged that the convicts were using the Company Graceland Real Option Ltd. to lure their victims in Gombe State through a promise of soft loan of 12% interest rate without collateral.
The convicts fixed the repayment period of the said loan to 35 weeks with option of weekly or monthly repayment. The victims were lured to purchase the loan form at the cost of N2,000 before they can be granted the loan, which very large number of persons key into.
It was at the point of purchasing the loan form that some of the victims suspected fraud and alerted the EFCC which swung into investigation that led to the arrest of the convicts.
The presiding Judge Justice Mohammed convicted and sentenced them to 2 months imprisonment with an option of N20,000 fine on count 1 and 6 months imprisonment with an option of N40, 000 fine on count 2.