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EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI - Investment - Nairaland

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EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by prof2007: 8:44am On Oct 18
A foreign exchange (forex) trader based in Kano State, Mr Abubakar Ibrahim, has landed in a bowl of hot soup over his failure to keep to his words. Mr Ibrahim had promised to deliver a 30-35% monthly return on investment (ROI) to an investor, who eventually gave him N7.6 million for a try.

It was gathered that the money was given to the suspect through one of his agents, Mr Umar Kabir, and after the investment, the 30 to 35% ROI was never delivered as promised. This prompted the investor to approach the Economic and Financial Crimes Commission (EFCC) to help him recover his hard-earned money.

According to the EFCC, which arraigned Mr Ibrahim before Justice Lewis Allagoa of the Federal High Court, sitting in Kano, on Friday, October 16, 2020, on a five-count charge of money laundering, the suspect allegedly engaged in forex trading through his Flexus Global Investment without duly registering with SCUML (acronym for Special Control Unit Against Money Laundering, issued by the EFCC).

SCUML was established by the federal government in September 2005 as part of measures for implementation of the Financial Action Task Force (FATF) Recommendations on Anti- Money Laundering/Combating the Financing. It is charged with responsibility of monitoring, supervising and regulating activities of Designated Non-Financial Institutions (DNFIs).

At the court, the EFCC informed the judge that efforts to make the suspect refund the sum invested to the complainant were futile and when the charges were read to him, he pleaded “not guilty.”

“That you, Abubakar Ibrahim (being the Managing Director of Flexus Global Investment Ltd) while acting in such capacity, sometimes in 2019 in Kano, Kano State within the jurisdiction of this court, did fail to declare the existence of your company with Special Control Unit Against Money Laundry (SCUML) before commencing business under the name Flexus Global Investment Limited and thereby committed an offence contrary to Section 5(1) (a) (i) and punishable under Section 5(6) (a) & (b) of Money Laundering (Prohibition) Act, 2011 (As Amended),” one of the counts read.

In view of his plea, the prosecution counsel, Mr Michael Ojo, asked the court for a date to commence trial and that the accused person be remanded in the custody of the Nigerian Correctional Service. However, the defence counsel, H.A Hamza, urged the court to admit the defendant to bail. This bail application was granted by Justice Allagoa in the sum of N50 million with one surety in like sum.

The surety must be the owner of a landed property within Kano metropolis, which shall be verified by the registry of the court, the judge held and adjourned the case to November 19, 2020, for trial.

SOURCE: https://businesspost.ng/economy/efcc-nabs-forex-trader-for-failing-to-fulfil-35-monthly-roi-promise/amp/

8 Likes 3 Shares

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Promotions: 8:52am On Oct 18
Those Efcc guys are looking young and fresh...lots of scam everywhere

103 Likes 5 Shares

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by lovecares34: 9:16am On Oct 18
Promotions:
Those Efcc guys are looking young and fresh...lots of scam everywhere




EFCC na big boys work o.

119 Likes 3 Shares

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Kobicove(m): 10:54am On Oct 18
According to professional forex traders it's almost impossible to earn a return of more than 20% consistently

197 Likes 12 Shares

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by DuBLINGreenb(m): 11:28am On Oct 18
Lol water done pass garri

E be like when person wan go build church for Saudi Arabia lol an impossible task.

8 Likes 1 Share

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Epstein(m): 11:29am On Oct 18
Latest not so 'Shocking' news from the Zoo.......somebody stole!!

13 Likes 1 Share

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by eezeribe(m): 11:29am On Oct 18
Mad ooh
Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by brosom(m): 11:29am On Oct 18
Scum!!!
Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Okortor: 11:29am On Oct 18
Interesting but not funny
Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by nairaland1981: 11:29am On Oct 18
forex na scam

22 Likes 1 Share

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by nairalee(m): 11:29am On Oct 18
I'm about learning the ropes of forex trading. I dunno how profitable it is. 30% ROI assured? That's pretty cool if true

1 Like

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Hambivert: 11:30am On Oct 18
Sparogatively, most of these bureau de change operatives are the biggest Yahoo boys, they are cronies to politicians who use them to embezzle public funds!

I wonder why the 'supposedly' defunct SARS operatives never went after them¿

#EndSARS
#EndPoliceBrutality
#EndBadGovernance

7 Likes 2 Shares

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Camos: 11:30am On Oct 18
dis one nah Big thief how e wan see 35% untop forex wea dey volatile..



All this agent sef wea too dey like show their self, now wea e matter don cast who go gree bail am wit 50meters.

2 Likes 1 Share

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Mysticwebb: 11:30am On Oct 18
Jail that guy. I have learnt the hard way that consistent earnings of high profit is very difficult in Forex. I had once invested with a guy that promised me 10.5% ROI in 2017. Both capital and profit I no see. Guy man ran away with every every and left me terribly broke which I have not even fully recovered from the shock till date.
Now, it is either I do it myself or I forget about it.
When I lose, I lose gallantly with my head up.

37 Likes 4 Shares

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by djflexcy(m): 11:30am On Oct 18
Nawa for this aboki you go enter wetin you no sabi do.

Na so Bubu self they scam us
#Endsars

5 Likes

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by helinues: 11:30am On Oct 18
angry

If you want to trade and make profit, trade against $ till their election in Nov

19 Likes 2 Shares

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by cornot0: 11:30am On Oct 18
lipsrsealed

1 Like

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by TreasureTayo(m): 11:30am On Oct 18
Well, with your initial capital, 20% ROI after 25 working days. ASK ME HOW. grin grin grin grin grin grin
Forex isn't for everybody actually.

12 Likes 2 Shares

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by osamz007: 11:30am On Oct 18
ABOKI
Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by AlphaMajestic: 11:31am On Oct 18
EFCC is still showing theirselves with whats happening..this people don't know the risk thats involved for all of them yet

2 Likes 1 Share

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Eriokanmi: 11:31am On Oct 18
Una go nab tire because that's the aboki's way of life. Another reason they are against restructuring. They don't even pay tax but can suck the tax payer's money dry

7 Likes

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by TreasureTayo(m): 11:31am On Oct 18
nairalee:
I'm about learning the ropes of forex trading. I dunno how profitable it is. 30% ROI assured? That's pretty cool
20 % ROI after 25 working days. Ask me how?
Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by newharddrives(m): 11:31am On Oct 18
Hmmm...

1 Like

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by DaddyRochie1642(f): 11:32am On Oct 18
grin grin
Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Sebastine1994(m): 11:32am On Oct 18
Abubakar Ibrahim,

thank God it is hausa to hausa

1 Like

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by hisgrace090: 11:32am On Oct 18
promise and fail.
Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Olatlaccon(m): 11:32am On Oct 18
nairaland1981:
forex na scam
why'd you say that brother

1 Like

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by protests: 11:32am On Oct 18
Kobicove:
According to professional forex traders it's almost impossible to earn a return of more than 20% consistently

1 Like 1 Share

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by SadiqBabaSani: 11:33am On Oct 18
The person wu wntd to earn 30% Is kinda greedy

3 Likes 2 Shares

Re: EFCC Nabs Forex Trader For Failing To Fulfil 35% Monthly ROI by Arizonaz: 11:33am On Oct 18
Interesting

3 Likes

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