How new ‘wonder bank’ defrauded investors of over N2bn

Over 500 desperate ‘investors’ fell to the dubious trick of a young fraudster, Dominic Ngene Joshua, who operated under the name Brisk Capital Limited, and defrauded his victims to the tune of N2 billion in investor funds.

Joshua was apprehended in May this year by the Special Fraud Unit (SFU) of the Nigerian Police in Lagos, following complaints by his victims who invested cash in his cryptocurrency trading.

According to the police fraud unit, Joshua allegedly promised investors 60 per cent return on investments in oil and gas, FOREX and real estate.

The Commissioner of Police in charge of SFU, Anderson Bankole, said the suspect lavished investor funds on luxury items such as wristwatches, posh cars, real estate and extravagant parties in Lagos, Port Harcourt and Abuja.

CP Bankole added: “The funds belonging to over 500 investors were diverted to sponsor extravagant lifestyles, parties, exotic cars, luxury watches and real estates in Abuja, Lagos, and Port Harcourt.

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“The suspect confessed to the crime but pleaded to be given time to return the money. Some of the properties/items purchased with the diverted funds have been recovered as exhibits while the suspect will be charged to court.”

A crowd of frustrated investors launched into lamentations in front of a building at Ile Epo area of Agbado/Oke Odo Local Council Development Area on July 15, 2021, after they discovered they had been swindled by a finance house that lured them with payment of a bogus return on money invested.

One of the victims, Alice Majemite, a trader, said she was introduced to the firm by one of her close friends and had invested N500,000 with the firm.

Majemite and others were anxiously expecting the promised yield on their money when the operators of the firm identified as Mr. Adekanye and Olatunji eloped and locked their office tucked inside a shopping mall, just a stone’s throw from the popular Ile Epo Market.

“My whole world has collapsed. I don’t know if I would survive this terrible loss. I blame myself for falling for their bait when they lured me with high profits on investment.

“I was actually introduced to the investment scheme operated by the company by one of my friends who paid her a huge profit on the N200,000 she invested. I never knew that they were fake.”

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In a joint operation conducted by the Lagos and Edo police commands late last year, the kingpin of an amalgam of ten groups under the name CBN Helping Hands Investment Scheme, Solomon Osiga Ezemede aka Musa Mukarat and Solomon Musa was arrested in Lagos.

The arrest followed a petition to the police by the Central Bank of Nigeria (CBN) that the syndicate had impersonated the apex bank to defraud unsuspecting members of the public to invest their money in dubious high yielding schemes.

The syndicates swindled their victims using various investment schemes such as real estate, agro-allied, oil and gas to lure investors into their net.

For example, Maduka was lured into investing his princely sum in a real estate scheme which the syndicate promised would give him a fast return on investment.

“I was told by the dubious operators of the finance house that they have landed property scattered all over the country and they showed me audio-visual proof of the estates and beneficiaries of the scheme, who testified to the genuineness of the investment. I fell for it flatly,” Maduka said.

Osemede’s syndicate, according to the police, perpetrated its fraudulent activities using various fake CBN Facebook accounts, mobile telephone numbers, fictitious internet profiles and paid testimonials to lure or induce victims into paying money into numerous bank accounts.

The syndicate, which also operated in parts of Auchi area of Edo State, also promised to double the amount invested within 24 hours.

Ezemede has since been charged to the Magistrate’s Court in Ebute Metta, Lagos, on a four-count charge of conspiracy, obtaining money by false pretence, fraudulent act and stealing.

The Acting Director, Corporate Communications Department of CBN, Mr. Osita Nwanisobi, said the syndicate had defrauded many people, using the official paraphernalia of the apex bank including seal and logo among others.

Security and investment experts urged the public to show circumspection when approached by portfolio operators and finance houses with promises of high yielding returns on money invested.