A 21-year-old man, Dominic Ngene Joshua, has been arrested over fake investment worth N2billion fraud by the Detectives from the Special Fraud Unit (SFU) of the police in Lagos.
The suspect, Dominic Ngene Joshua is the Managing Director of Brisk Capital Limited, an investment firm that lures people into the fake investment business.
It was also gathered that Dominic Ngene Joshua, the suspected fraudster was accused of luring his victims on social media platforms such as Instagram, Facebook and LinkedIn, as well as via newspaper publications where he claimed to be a financial investor of repute that manages funds for individuals and companies.
As a way of getting more prey, he attached prompt and accurate 60% return on investment (ROI) per month on every sum invested, plus a guarantee of the invested principal.
According to a statement by the Commissioner of Police (CP) in charge of the SFU, Anderson Bankole, the 21-year-old suspected fraudster was arrested following petitions to the unit by several investors and verified intelligence gathered on his activities which the police said was evident in banking records.
He explained that the victims were conned to invest in Bitcoin, forex trading, real estate and oil and gas with a promise of prompt and accurate 60 per cent Return on Investment (ROI) per month on every sum invested, plus a guarantee of the invested principal.
Bankole said, “The funds which belong to over 500 investors was diverted to sponsor extravagant lifestyle, parties, exotic cars, luxury watches and real estates in Abuja, Lagos and Port Harcourt.
“The suspect confessed to the crime but pleaded to be given time to return the monies. Some of the properties/items purchased with the diverted funds have been recovered as exhibits while the suspect will be charged to court as soon as the strike by Judiciary Staff Union of Nigeria (JUSUN) is called off.”
Mr Joshua, a native of Ebonyi State, according to the police, operates from Uyo, the Akwa Ibom State capital.
CP Bankole, however, advised the public to be wary of investment and portfolio managers that suspiciously promised very high returns.