On Friday, the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) arraigned Rufus John Isip, a self-proclaimed forex broker, before Justice C.S. Onah of the Federal High Court in Uyo, Akwa Ibom State. Isip, alongside his company ITM-IT Resources Limited, faces an eight-count charge of fraudulent conversion, money laundering, and obtaining by false pretence, amounting to ₦2,022,081,172.
The first count alleges that between December 2020 and May 2021, Isip, as Director of ITM-IT Resources Limited, defrauded Michael Okon, Director of N-Rex Resources Limited, of ₦431,331,172. Isip had falsely claimed the funds were for investment in Vandera, an online platform, which he knew was a deception. This act contravenes Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and is punishable under Section 1(3) of the same Act.
The eighth count charges Isip with converting ₦730,870,000 to Bitcoin and transferring it to his Binance wallet, knowing it was part of his illegal activities. This act violates Section 15(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2011, and is punishable under Sections 15(3) and 15(4) of the same Act.
Isip pleaded not guilty to all charges. EFCC counsel Khamis Mahmud requested the court to remand Isip in EFCC custody, citing ongoing investigations into additional cases. Defense counsel Samson Ewuje did not object to this request. Justice Onah adjourned the trial to October 14, 2024, and ordered Isip's remand at the Uyo Zonal Directorate of the EFCC.
The arrest followed a petition by Michael George, who alleged that Isip lured him into investing in Vandora.io, an online trading platform. George claimed Isip convinced him that a minimum investment of $100,000 would yield significant profits and encouraged other investors to join. However, after the promised 60-day profit period, Isip vanished, leaving investors defrauded.
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