The Economic and Financial Crimes Commission (EFCC) has arraigned Jesam Michael, the Chief Executive Officer of Afriq Arbitrage System, before Justice Emeka Nwite of the Federal High Court, Abuja, over an alleged investment fraud.
Michael is accused of defrauding investors to the tune of N2 billion through a scheme promising unrealistic returns on investments. The EFCC alleges that the suspect lured unsuspecting members of the public into investing in a digital platform with the promise of quick and high profits, a classic Ponzi scheme model.
He was arraigned on multiple charges bordering on obtaining money under false pretenses and operating without requisite regulatory approvals, thereby violating provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Investment and Securities Act.
The defendant pleaded not guilty, and the court ordered his remand in EFCC custody pending the hearing of his bail application.
The case has been adjourned to a later date for trial.
The EFCC, in a statement, warned Nigerians to be cautious of online investment platforms that promise exorbitant returns and reaffirmed its resolve to clamp down on digital fraud and protect citizens from financial exploitation.
