EFCC Charges Couple with Alleged N500m Investment Fraud

EFCC Charges Couple with Alleged N500m Investment Fraud

Couple Arraigned by EFCC Over Alleged N500m Investment Fraud

The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Command, has brought charges against Emmanuel Dike and Ugochi Eziaku Dike, along with their company, Dike & Phil Associates Ltd, for an alleged N500 million investment scam. The charges include conspiracy, obtaining money under false pretense, and criminal conversion of funds to personal use.

The couple was arraigned on five counts, with one of the charges stating that they, along with others still at large, fraudulently obtained N500 million from Captain Chukwuemeka Stanley Ikeri and his company under the pretext of a false investment scheme. The defendants claimed the investment would yield a 10% interest, which they knew to be false.

Upon arraignment, Emmanuel Dike and Ugochi Eziaku Dike pleaded not guilty to the charges. The prosecution requested a trial date, while the defense applied for bail for the defendants. Justice Ajoku granted bail to the defendants in the sum of N1 million each, with specific conditions, and the case was adjourned to January 30, 2024, for the commencement of trial.

The charges stem from allegations that the defendants, including a former banker, induced the victim to invest in a purported lucrative opportunity, ultimately converting the funds for personal use. Investigations revealed the defendants’ failure to fulfill their promises, leading to the alleged fraudulent conversion of N500 million.


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