The Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned Rufus John Isip, a self-acclaimed forex broker, before Justice C. S. Onah of the Federal High Court sitting in Uyo, Akwa Ibom State.
The arraignment took place on Friday, July 19, 2024, and also included Isip’s company, ITM-IT Resources Limited, on an eight-count charge bordering on fraudulent conversion, money laundering, and obtaining by false pretence to the tune of N2,022,081,172 (Two Billion, Twenty-Two Million, Eighty-One Thousand, One Hundred and Seventy-Two Naira).
Count one of the charge details that Rufus John Isip, as the Director of ITM-IT Resources Limited, allegedly obtained N431,331,172.00 (Four Hundred and Thirty-One Million, Three Hundred and Thirty-One Thousand, One Hundred and Seventy-Two Naira) from Michael Okon, Director of N-Rex Resources Limited. Isip falsely claimed the money was for investment in Vandera, an online investment platform.
This act is in violation of Section 1 (1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and punishable under Section 1 (3) of the same Act.
Count eight alleges that Isip converted N730,870,000.00 (Seven Hundred and Thirty Million, Eight Hundred and Seventy Thousand Naira) to cryptocurrency (Bitcoin) and transferred it into his Binance Wallet, knowing the funds were part of his unlawful activities.
This action contravenes Section 15 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2011, and is punishable under Section 15 (3) (4) of the same Act.
When the charges were read, Isip pleaded not guilty.
Consequently, EFCC counsel Khamis Mahmud requested the court to remand Isip in EFCC custody, citing ongoing investigations into other cases involving the defendant.
The defence counsel, Samson Ewuje, did not object to this request.
Justice Onah adjourned the case to October 14, 2024, for trial and ordered Isip’s remand at the Uyo Zonal Directorate of the EFCC.
Isip’s arrest followed a petition from Michael George, who claimed that Isip lured him into investing in an online trading platform called http://Vandora.io.
George alleged that Isip promised high returns with a minimum trading capital of $100,000.00 (One Hundred Thousand Dollars) and encouraged him to bring in more investors.
However, after the agreed 60 days for profits to materialize, Isip allegedly disappeared.
Meanwhile, in Kaduna, Justices R.M. Aikawa and Hauwa’u Buhari of the Federal High Court have convicted and sentenced five individuals for fraud.
The convicts, Ibrahim Haruna, Abdullahi Yahaya, Daniel John (a.k.a Julieta), Benjamin Andrew Zagni (a.k.a Andrew Williams), and Kenneth Barau (a.k.a Aisha Mohammed), were prosecuted by the Kaduna Zonal Command of the EFCC on various charges including currency counterfeiting, impersonation, obtaining by false pretence, money laundering, and cyber crimes.
Haruna and Yahaya were charged with currency counterfeiting to the tune of $81,700 (Eighty-One Thousand Seven Hundred Dollars).
They were found in possession of 817 counterfeit $100 bills and were sentenced to seven years imprisonment each or a fine of N700,000.00 (Seven Hundred Thousand Naira).
John, posing as a white woman named Julieta from Hungary, defrauded Keta Kelemenne of $80 (Eighty Dollars) by promising to help recover money lost to online scammers.
He was sentenced to five years imprisonment or a fine of N400,000.00 (Four Hundred Thousand Naira).
Zagni retained $150 (One Hundred and Fifty Dollars) knowing it was proceeds from unlawful activities. He received a four-year sentence or a fine of N500,000.00 (Five Hundred Thousand Naira).
Barau was convicted of impersonation and sentenced to two years imprisonment or a fine of N400,000.00 (Four Hundred Thousand Naira).
In addition to their prison sentences, John, Zagni, and Barau forfeited their phones to the federal government as they were instruments of their crimes.
They were arrested along with other members of an internet fraud syndicate in Kaduna and Jos, Plateau State, following a stake-out by EFCC operatives based on credible intelligence.
