The Economic and Financial Crimes Commission (EFCC) has arraigned one Rufus John Isip, a self-acclaimed forex broker, for alleged N2 billion investment scam in Akwa Ibom State.

Isip was arraigned before Justice C. S. Onah of the Federal High Court sitting in Uyo, Akwa Ibom State, alongside his company, ITM-IT Resources Limited on a eight-count charge bordering on fraudulent conversion, and money laundering obtained by false pretence.

EFCC spokesperson, Dele Oyewale stated in a press statement on Saturday that the suspect obtained part of the N2,022,081,172 from one Michael Okon, the Director of N-Rex Resources Limited under the false pretence that it was an investment in Vandera, an online investment platform.

The charge read in part, “That you, Rufus John Isip while being the Director of ITM-IT Resources Limited and ITM-IT Resources Limited sometime in December 2020 and May 2021 in Uyo, Akwa Ibom State, within the jurisdiction of the Federal High Court of Nigeria, with intent to defraud, obtained the sum of (431, 331, 172. 00) Four Hundred and Thirty-one Million, Three Hundred and Thirty-one Thousand, One Hundred and Seventy-two kobo from one Michael Okon, the Director of N-Rex Resources Limited under the false pretence that it is an investment in Vandera, an online investment platform on his behalf.

“That you, Rufus John Isip while being the Director of ITM-IT Resources Limited and ITM-IT Resources Limited sometime between December 2020 and May 2021 in Uyo, Akwa Ibom State, within the jurisdiction of the Federal High Court of Nigeria, converted the total sum of (N730, 870, 000. 00) Seven Hundred and Thirty Million, Eight Hundred and Seventy Thousand Naira to crypto currency (Bitcoin) and transferred same into your Binance Wallet knowing that the said money formed part of your unlawful act and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2011 and punishable under Section 15 (3) (4) of the same Act.”

The suspect pleaded not guilty when the charges were read to him, while Counsel for the EFCC, Khamis Mahmud, prayed the court to remand the suspect in the EFCC custody for further investigation on other cases.

The defence counsel, Samson Ewuje did not object the request.

Justice Onah adjourned the matter to October 14, 2024 for trial and the defendant was remanded in the Uyo Zonal Directorate of the EFCC.

“Isip was arrested based on a petition from one Michael George, alleging that he lured him to invest in his online trading platform called Vandora.io.

“According to the petitioner, the defendant told him that it was more profitable to trade on his platform with a minimum trading capital of $100, 000. 00 (One Hundred Thousand Dollars) and that he would earn more profit if he involved more investors

“The petitioner thereafter invested, reached out to other investors and companies who also invested in the defendant’s phony online trading platform and after 60 days (as agreed) for the investors to start earning their profits, the defendant disappeared into thin air,” the statement stated. (Daily Trust: Text, Excluding Headline)

Update news