The Economic and Financial Crimes Commission (EFCC) has charged Rufus John Isip, a self-proclaimed forex broker, with an investment scam involving over ₦2 billion. Isip appeared before Justice C. S. Onah at the Federal High Court in Uyo, Akwa Ibom State.
According to an EFCC statement released on Saturday, Isip, alongside his company ITM-IT Resources Limited, faces an eight-count indictment that includes charges of fraudulent conversion, money laundering, and obtaining by false pretenses.
The statement detailed the charges: “Count one alleges that Rufus John Isip, while serving as Director of ITM-IT Resources Limited, fraudulently obtained ₦431,331,172.00 from Michael Okon, Director of N-Rex Resources Limited, between December 2020 and May 2021 in Uyo. Isip purportedly solicited the funds for investment in Vandera, an online platform, knowing the investment opportunity was false. This charge is under Section 1 (1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, punishable under Section 1 (3) of the same Act.”
“Count eight accuses Isip of converting ₦730,870,000.00 into cryptocurrency (Bitcoin) and transferring it into his Binance Wallet during the same period, knowing the funds were part of his illicit activities. This is under Section 15 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2011, punishable under Section 15 (3) (4) of the same Act.”
Isip pleaded not guilty to all charges. EFCC counsel Khamis Mahmud requested that Isip be remanded in EFCC custody for further investigation into related cases. Defense counsel Samson Ewuje did not object.
Justice Onah adjourned the trial to October 14, 2024, and remanded Isip to the Uyo Zonal Directorate of the EFCC.
The statement also noted that Isip was arrested following a complaint from Michael George, who alleged that Isip lured him into investing in the online trading platform Vandora.io with a promise of high returns. George claimed that after investing a minimum of $100,000, Isip vanished when the profits were due.
