The Ikoyi Federal High Court 3 sitting in Lagos, has commenced a trial of two investment firms, UK Dion Group and UK Dion Investment Limited with a 61-count bordering on fraud to the tune of N3.7 billion.
The Securities and Exchange Commission (SEC) had sued the companies, owned by Micheal Diongoli for conspiracy, and defrauding unsuspecting investors and organizations between 2021 and 2022.
In a statement made available to THE WHISTLER on Tuesday, the commission had accused the defendants of pretending to be a registered financial institution that deals with wealth management.
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SEC also alleged that the companies had expertise in luring their customers to pay money into a provided bank account where they fix the funds for a period, ranging from six months to a year with interest.
The commission identified some of his victims as Dr. Basil Onugu, Prof. Oyekachi Nwankwo, FSL Securities Ltd, Catholic Charismatic Renewal, MTN Employer Cooperative, Col Chukwu Tengu (retired), and Nigerian Army Welfare Insurance Scheme among others.
Some of the charges are, ‘That you Micheal Ukiye Diongoli, Dion Investment Limited, and others at large between March 2021 and May 2022 in Lagos Nigeria, within the jurisdiction of the Federal High Court of Nigeria with intent to defraud fraudulently obtained several sums of money to UK Dion under the pretense that you are a registered financial institution, and you are into wealth Management wherein customers were invited to pay money into your account.
“Fixing it for a period ranging from six months to one year and the customer will get the money invested with interest, a statement the victims believed, which you knew to be false and you thereby committed an offense contrary to Section 1(1) of the Advanced Fee Fraud and other Fraud Related to Offenses Act, 2006 and punishable under Section 1(3) of the same Act.
“That you Michael Diongoli, UK Dion Group, and UK –Dion Investment Limited all of No. 21 Buhari Street Peace Court Estate, Lokogoma, Abuja, are alleged to have on or between the year 2021 and 2022 within the jurisdiction of the Federal High and together with your other staff, did commit a felony to wit: diverted investment funds to the tune of over N3.6billion belonging to the investing public which includes Basil Onugu, Elizabeth Umenwa Nwankwo, Adetoun Sokoni, Ezeogu Victoria Ndozi and others you thereby committed an offense contrary to Section 383(2) F of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390(7) of the same Act”.
“Also, Diongoli, and his two companies, UK Dion Group and UK Dion Investment Limited are also facing a criminal summons by Justice Zainab Abubakar of the Federal High Court in Abuja on charges of operating without the License of the Securities and Exchange Commission.”
The statement further noted that the defendant, Diongoli had pleaded not guilty to the charges. This led to Justice Allagoa scheduling July 21, 2023, for the next commencement of the trial.
The UK-Dion Group and UK Dion Limited is an investment firm that deals in real estate, logistics, manufacturing, entertainment, banking, and finance businesses.