Dominic Joshua, the Chief Executive Officer of Brisk Capital Limited, an investment company that offers 60% returns on investment, has been arrested by the special fraud unit of the Nigerian Police Force in Lagos, for allegedly diverting over N2 billion in investor funds.
The 21-year-old was accused of conning individuals to invest in Bitcoin, forex trading, real estate, and oil & gas with a promise of 60% return on investment.
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He was arrested following petitions to the Unit by several investors and verified intelligence reports gathered on the activities of the company.
The Commissioner of Police in charge of the fraud unit, Anderson Bankole, said the funds which belong to over 500 investors were diverted to sponsor extravagant lifestyle, parties, exotic cars, luxury watches, and real estates in Abuja, Lagos and Port Harcourt.
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The commissioner also said that Joshua confessed to the crime but pleaded to be given time to return the monies.
“Some of the properties/items purchased with the diverted funds have been recovered as exhibits while the suspect will be charged to court as soon as the strike by Judiciary Staff Union of Nigeria (JUSUN) is called off,” Bankole said.
The commissioner also advised the public to be wary of investment/portfolio managers that promise very high returns on investments.
I think they game didn’t play his game well and as such he should be brought to book
But justice should be tempered with mercy
Nigerians need to understand how stock and investment work. Someone can’t just promise you 60 percent profit in 30 days, and feels that is right.
The truth is that the societal values in Nigeria have been grievously eroded, thereby making money the only thing that matters. This has gotten a lot of Nigerians to set their eyes on quick cash in order to achieve that required status where you are only respected for driving big cars and wearing expensive luxury designer clothes. It is all embedded in greed and the continued bastardization of hard work. These types of scams will never go away no matter how hard we try. There will always be that ‘mugu’ standing in waiting to be ripped off.
I have told many that care to listen, HYIP(High yield investment platforms) are Ponzi, people be careful. Come to think of it, what business can yield such amount of interest within the promise duration?
This is not the first of such fraudulent schemes , and it won’t be the last. I remember Jimi Lawal and Forum Savings & loans in the 90’s, Umanah Umanah, and MMM in the recent past. The list is endless.
If it sounds too good to be true, it most probably is. Unfortunately, the promise of quick returns blinds many to this saying, and they fail to exercise caution.
My advice to Nigerians, always do due diligence on investment platform before you invest your money. Many men no not God.