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Nigerian Police Arrest Brisk Capital CEO for Allegedly Working a $4 Million Funding Fraud

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The Nigerian authorities have arrested the chief govt officer of Brisk Capital Restricted in Lagos after accusations of being concerned in a millionaire fraud primarily based on alleged cryptocurrency and international change (foreign exchange) investments. Dominic Joshua is believed to have diverted over 2 billion nairas ($4.84 million) from buyers, to which he allegedly promised returns of as much as 60 %, in line with Nairametrics.

Joshua is accused of selling an funding scheme that allotted cash into Bitcoin, the foreign exchange market, actual property, oil, and gasoline. Nonetheless, the police determined to launch an investigation towards the 21-year-old man after complaints submitted to the Particular Fraud Unit of the Nigerian Police Drive from alleged victims.

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“A number of the properties/gadgets bought with the diverted funds have been recovered as displays whereas the suspect will probably be charged to courtroom as quickly because the strike by Judiciary Workers Union of Nigeria (JUSUN) known as off,” Anderson Bakole, the Commissioner of the Particular Fraud Unit, mentioned.

He additionally confirmed that Joshua confessed to the crime. Nonetheless, Brisk Capital Restricted’s CEO requested to be given extra time to return cash to the victims. Bankole highlighted that funds diverted got here from virtually 500 buyers who funded the “extravagant life-style” of Joshua, which included internet hosting events and proudly owning properties in cities comparable to Abuja, Lagos, and Port Harcourt.

Brisk Capital CEO Awaits for Additional Authorized Proceedings

There aren’t any phrases but on what’s subsequent for Joshua on the continued authorized proceedings after requesting further time to return funds. Moreover, Commissioner Bankole warned Nigerians to keep away from these schemes that promise astonishing excessive yields on their investments.

Finance Magnates reported in March that crypto scams in Nigeria have been on the rise, as fraudsters have been making the most of the cryptocurrency market’s total efficiency when the info was collected. The report acknowledged that almost all of those frauds originate on Instagram.

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