The Nigerian authorities have arrested the Chief Executive Officer of Brisk Capital Limited in Lagos after accusations of being involved in a multi-million dollar fraud based on the alleged cryptocurrency and foreign exchange (forex) investments. Dominic Joshua is believed to have diverted over 2 billion nairas ($4.84 million) from his investors for which he allegedly promised returns of up to 60 percent, according to Nairametrics.
Joshua is accused of promoting an investment scheme that was supposed to invest money into Bitcoin, the forex market, real estate, oil and gas. However, the police decided to launch an investigation against the 21-year-old man after complaints submitted to the Special Fraud Unit of the Nigerian Police Force from the alleged victims.
“Some of the properties/items purchased with the diverted funds have been recovered as exhibits while the suspect will be charged in court as soon as the strike by Judiciary Staff Union of Nigeria (JUSUN) is called off,” Anderson Bakole, the Commissioner of the Special Fraud Unit, said.
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Additionally, he confirmed that Joshua confessed to the crime. However, Brisk Capital Limited’s CEO asked to be given more time to return money to the victims. Bankole highlighted the funds that were diverted came from almost 500 investors who funded the ‘extravagant lifestyle’ of Joshua. This included hosting parties and owning properties in cities such as Abuja, Lagos and Port Harcourt.
Brisk Capital CEO Awaits Further Legal Proceedings
There are no words as of yet on what is next for Joshua with the ongoing legal proceedings and after requesting additional time to return funds. Furthermore, Commissioner Bankole warned Nigerians to stay away from those schemes that promise astonishingly high yields on their investments.
Finance Magnates reported in March that crypto scams in Nigeria have been on the rise, as fraudsters have been taking advantage of the cryptocurrency market’s overall performance when the data was collected. The report stated that most of these fraudulent schemes originate on Instagram.