Forex Broker Arraigned by EFCC Over N2bn Investment Fraud

EFCC arraigns a forex broker on allegations of an N2bn investment scam, highlighting ongoing efforts to combat financial misconduct.

Rufus John Isip, who claims to be a forex broker, has been brought before Justice C. S. Onah of the Federal High Court in Uyo, Akwa Ibom State by the Economic and Financial Crimes Commission (EFCC) on charges related to an alleged N2 billion investment scam.

On Saturday, Dele Oyewale who is the spokesperson for EFCC stated that the accused and his company ITM-IT Resources Limited were prosecuted on eight charges including fraudulent conversion, money laundering and obtaining by false pretence.

As per the statement, Rufus John Isip – while serving as Director of ITM-IT Resources Limited and ITM-IT Resources Limited in Uyo, Akwa Ibom State between December 2020 and May 2021 – is accused of committing fraud. Specifically, he allegedly obtained a sum totaling Four Hundred Thirty-one Million Three Hundred Thirty-one Thousand One Hundred Seventy-two kobo from Michael Okon (Director of N-Rex Resources Limited) by falsely representing himself to be investing on behalf of Okon into an online investment platform called Vandera. This deception was done with full knowledge that it was untrue resulting in a violation under Section 1(1)(a)of the Advance Fee Fraud and Other Fraud Related Offences Act from2006 punishable according to Section 1(3). The Federal High Court Nigeria retains jurisdiction over this case.

When the charges were read to him, the suspect declared a plea of not guilty. Khamis Mahmud, who acted as counsel for EFCC requested that he be remanded in their custody.

The trial for the matter was adjourned by Justice Onah until October 14, 2024 and the defendant was remanded in custody at Uyo’s Zonal Directorate of EFCC.

According to the statement, Isip was taken into custody after Michael George filed a petition claiming that he had been persuaded to invest in Vandora.io, an online trading platform.

As per the petitioner, the defendant informed him that trading on his platform would be more lucrative with a minimum capital of $100,000. Furthermore, he suggested that involving additional investors would increase profits even further.

After making the initial investment, the petitioner contacted other investors and companies who also invested in the defendant’s fraudulent online trading platform. Once it had been agreed that investors would start earning profits after 60 days, the defendant vanished suddenly and without a trace.