The Economic and Financial Crimes Commission (EFCC) has arraigned a self-proclaimed forex broker, Rufus John Isip, for an alleged investment scam to the tune of over N2 billion.
Isip appeared before Justice C. S. Onah at the Federal High Court in Uyo, Akwa Ibom State.
EFCC spokesperson, Dele Oyewale, in a Saturday statement said Isip, along with his company ITM-IT Resources Limited, faces an eight-count charge including fraudulent conversion, money laundering, and obtaining by false pretence.
The statement outlined the charges: “Count one of the charge reads: ‘That you, Rufus John Isip, while being the Director of ITM-IT Resources Limited, sometime in December 2020 and May 2021 in Uyo, Akwa Ibom State, within the jurisdiction of the Federal High Court of Nigeria, with intent to defraud, obtained ₦431,331,172.00 from Michael Okon, Director of N-Rex Resources Limited, under the false pretence of investing in Vandera, an online investment platform. You knew this pretence to be false and thereby committed an offence contrary to Section 1 (1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, punishable under Section 1 (3) of the same Act.’
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“Count eight of the charge reads: ‘That you, Rufus John Isip, while being the Director of ITM-IT Resources Limited, sometime between December 2020 and May 2021 in Uyo, Akwa Ibom State, within the jurisdiction of the Federal High Court of Nigeria, converted ₦730,870,000.00 to cryptocurrency (Bitcoin) and transferred it into your Binance Wallet, knowing that the money was part of your unlawful act. You thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2011, punishable under Section 15 (3) (4) of the same Act.’”
Isip however pleaded not guilty to all charges.
EFCC counsel Khamis Mahmud requested the court to remand him in EFCC custody for further investigation on related cases.
Defense counsel, Samson Ewuje did not object.
Justice Onah adjourned the trial to October 14, 2024, and remanded the defendant to the Uyo Zonal Directorate of the EFCC.
The statement added that Isip was arrested following a petition from Michael George, who claimed Isip lured him to invest in his online trading platform, Vandora.io.
George alleged that Isip convinced him to invest a minimum of $100,000, promising higher profits with more investors. After 60 days, when the profits were supposed to be realized, Isip allegedly disappeared.
