N84.6 Fraud: EFCC arraigns Wonder Bank operator

The Economic and Financial Crimes Commission (EFCC) on Wednesday at the Federal High Court, Enugu arraigned the operator of a well-known wonder bank in Enugu, Kingsley Ubenyi and his company, Ksley Mega Vision Limited on a 62-count charge bordering on  illegal operation of a financial institution and obtaining the sum N84,600,000  from hundreds of victims.


The offence according to the charge was contrary to section 44(1) of the Banks and other Financial Institutions Act, Cap B3, Laws of the Federation, 2004 and punishable under Section 44(2) of the same Act.

His arraignment came on the heels of hundreds of petitions from across the country alleging that he advertised and solicited for fund from the general public with the promise of 10% return on investment with his company which pretence he knew to be false.

According to operatives of EFCC, investigation carried out on his company by the Commission revealled that he was not registered nor given license to operate by the Central Bank of Nigeria (CBN), the Security and Exchange Commission (SEC)  and the Nigeria Deposit Insurance Company (NDIC)  to solicit and manage funds for the public.

It was also revealed that billions of naira were deposited into his various  accounts with FCMB, UBA, Diamond, First Bank, Heritage Bank, Fidelity, Skye bank among others which were often withdrawn purportedly for personal use.

He pleaded not guilty to all the count charge preferred against him.