EFCC Charges Forex Broker with N2 Billion Investment Scam

The Economic and Financial Crimes Commission (EFCC) has arraigned Rufus John Isip, a self-proclaimed forex broker, before Justice C. S. Onah of the Federal High Court in Uyo, Akwa Ibom State, on charges related to a suspected N2 billion investment scam.

According to EFCC spokesperson Dele Oyewale, Isip, alongside his company, ITM-IT Resources Limited, faces an eight-count indictment including fraudulent conversion, money laundering, and obtaining by false pretenses.

The charges detail that between December 2020 and May 2021, while serving as Director of ITM-IT Resources Limited, Isip allegedly defrauded Michael Okon, Director of N-Rex Resources Limited, of ₦431,331,172.00. The funds were falsely represented as an investment in Vandera, an online trading platform, contrary to Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Isip has pleaded not guilty to the charges. EFCC counsel Khamis Mahmud requested that the court remand him in EFCC custody. Justice Onah adjourned the case until October 14, 2024, and Isip was remanded at the Uyo Zonal Directorate of the EFCC.

The EFCC statement also revealed that Isip’s arrest followed a petition from Michael George, who alleged that Isip deceived him into investing in his fraudulent online platform, Vandora.io. George was promised high returns on investments with a minimum capital of $100,000 and was encouraged to recruit additional investors. After a 60-day period, as agreed, when profits were expected, Isip reportedly disappeared.