A self-proclaimed forex broker, Rufus John Isip, has been arraigned before the Federal High Court in Uyo, Akwa Ibom State, on charges of alleged investment fraud totaling over N2 billion. Isip, who is also the director of ITM-IT Resources Limited, was accused of fraudulent conversion, money laundering, and obtaining by false pretenses.
According to the Economic and Financial Crimes Commission (EFCC), Isip allegedly defrauded Michael Okon, the director of N-Rex Resources Limited, out of N431 million by promising him a high-return investment in an online trading platform called Vandera. The EFCC also alleged that Isip converted a total sum of N730 million to cryptocurrency and transferred it into his Binance wallet, knowing that the funds were proceeds of an unlawful act.
The suspect was arraigned alongside his company, ITM-IT Resources Limited, on eight counts. He pleaded not guilty to the charges and was remanded in the EFCC’s custody pending further investigation. The court adjourned the matter to October 14, 2024, for trial.
Isip’s arrest followed a petition from Michael George, who alleged that he was lured into investing in Vandora.io, a fake online trading platform. According to George, Isip promised him high returns with a minimum investment of $100,000 and encouraged him to recruit other investors. However, after 60 days, Isip disappeared with the investors’ funds.
The EFCC investigation revealed that Isip had taken advantage of unsuspecting investors, including companies and individuals, by promising them high returns on their investments. The commission has since taken steps to recover the stolen funds and bring Isip to justice.
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