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.