Richard Ginika Izuora
The Special Fraud Unit, SFU, of the Economic and Financial Crimes Commission, EFCC, has arrested one Dominic Ngene Joshua, a 21-year-old self-acclaimed Investment expert for his involvement in an alleged N2 billion scam.
The man an indigene of Ebonyi State but who operates from Uyo, the Akwa Ibom State capital; was arrested following petitions to the unit by several investors. According to reports, Joshua lures his victims via social media platforms such as Instagram; Facebook, and LinkedIn; as well as newspaper publications where he claimed to be a financial investor that manages funds for individuals and companies.
Victims were conned to invest in Bitcoin, FOREX trading, real estate, and oil and gas; with a promise of quick and 60 percent Return On Investment per month on every fund invested.
Funds belonging to over 500 investors were diverted to sponsor extravagant lifestyles, exotic cars, luxury watches, real estates in Lagos, Abuja, and Port Harcourt.
The suspect has confessed to the crime but pleaded to be given time to return the monies.
The SFU said some of the properties and items purchased with the diverted funds have been recovered from him, and he will be charged at the Federal High Court soon.