PONZI SCHEME : Fake Investor Lavishes N2 Billion Defrauded From Over 500 Victims On Extravagant Parties, Luxury Cars.

A fake Investment expert who allegedly stole over N2 billion from his victims  through  his  Ponzi scheme and spent same on frivolous life styles and luxuries, is cooling off his heels at the detention facility of the Police Special Fraud Unit (SFU) in Lagos.                                                                                                                         

The 21- years -old suspect ,identified as Dominic Joshua, a  native of Ebonyi State ,was said to had deceived his over 500 investors with a fake ponzi  investment scheme revolving on a high  interest returns, while he was busy diverting the over N2 billion funds from his  victims into personal projects.                                                          

Operating under the name of Brisk Capital Limited,  the  self styled Managing Director and  Chief Executive Officer, was alleged to have lured his  victims through social media platforms such as Instagram, Facebook and LinkedIn, as well as Newspaper publications , where he claimed to be a financial Investor of repute, that  specialized in managing funds for individuals and companies.                                                                                                   

Using  Uyo, the  Akwa Ibom  State  Capital as his operating office,  Dominic,  was said to have conned  his victims into investing in  Bitcoin, Forex trading,  Real Estate and Oil and Gas, with a promise of prompt and accurate 60% Returns on Investment  (ROI), per month on every sum invested, in addition to guaranteeing the invested capital.               

Meanwhile,  As he was said to be bleeding his victims of their hard earned money,  Dominic , was busy lavishing the funds on his extravagant life styles, parties, exotic  cars,  luxury watches, Real Estate in Abuja,  Lagos and Port Harcourt.

Following complaints by several of his victims to SFU, and verified intelligence gathered on the activities of the fraudster, as evidenced in his banking records, he was nabbed on May 1,2021, and has been undergoing investigations  for conspiracy,  investment fraud, OBT and stealing.                                                                                                                             

According to  SFU, the fraudster has confessed to the crime, but pleaded to be given time to return the money he allegedly stole.                                                                                                                       

SFU,  stated that some of the property, items  purchased with the diverted funds have been recovered and are going to be used as exhibits ,while all the  suspects arrested would be charged to the  Federal  High Court as soon as the  strike embarked by the  Judiciary Staff Union of Nigeria (JUSUN), is called  off.

Speaking on the arrest,  the  Police  Commissioner in charge of  SFU,  CP  Anderson  Bankole ,advised the public to  be wary of investment/ portfolio managers who suspiciously promises very high returns on investment .                             

CP Bankole also promised the public that his unit would not relent in its efforts toward bringing fraudsters that are giving the  country bad names to book.                                                                                                                               

He further offered the service of his Unit, toward using the existing synergy between SFU and the relevant regulatory bodies to provide credible information to genuine prospective investors,  who approaches them for background checks.