Rita Odafe
The Economic and Financial Crimes Commission, EFCC, has initiated legal proceedings against Rufus John Isip, a self-proclaimed forex broker, for his alleged involvement in a N2 billion investment scam. Isip and his company, ITM-IT Resources Limited, appeared before Justice C. S. Onah at the Federal High Court in Uyo, Akwa Ibom State.
Charges brought against Isip include fraudulent conversion, money laundering, and obtaining by false pretence, as detailed in an eight-count charge presented by the EFCC spokesperson, Dele Oyewale.
Isip pleaded not guilty to the charges and was represented by Khamis Mahmud, counsel for the EFCC, who requested the court to detain him in EFCC custody. The trial is scheduled to commence on October 14, 2024, with Isip currently held at the Uyo Zonal Directorate of the EFCC.
The arrest of Isip was triggered by a petition filed by Michael George, alleging that Isip duped him into investing in an online trading platform named Vandora.io.
The petitioner claimed that Isip convinced him to invest with a minimum capital of $100,000, promising greater profits with more investors involved. Subsequently, multiple investors and companies put money into Isip’s platform, only to see him vanish after the agreed-upon 60-day period for profits to materialize.
