In what may be another case of Ponzi scheme, a 21-year-old man, who claimed to be an investment banking expert, has been arrested by Special Fraud Unit (SFU) of Lagos state police command for diverting investors’ funds worth over N2 billion.

The suspect named Dominic Joshua Ngene, who is the managing director of an investment company, Brisk Capital Limited, was arrested following petitions to the unit by several investors and after verified intelligence gathered on his activities including banking records emerged, DailyTrust reports.

Joshua, who is a native of Ebonyi state but was bred in Cross River state, operates from Uyo, Akwa Ibom State capital, according to police.

CP Anderson Bankole, who is in charge of Police Special Fraud Unit (PSFU), in a statement, said the suspect lured his victims on social media platforms such as Instagram, Facebook and Linkedin, as well as via newspaper publications.

In the publications, the suspect claimed to be a financial investor of repute and that he managed funds for over 100 individuals and companies.

The CP explained that the victims were conned to invest in Bitcoin, forex trading, real estate and oil and gas with a promise of prompt and accurate 60 per cent Return on Investment (ROI) per month on every sum invested, plus a guarantee of the invested principal.

It would be recalled that MDB in a recent report about how to easily detect Ponzi schemes stated that extraordinarily high “guaranteed” returns is used to attract investors.

According to the report;

Ponzi schemes usually offer abnormally high and “guaranteed” ROI of more than 20% per annum and some go as far as promising to pay profits monthly. The attractive returns are used to lure investors to invest in their supposed products. However, even the most powerful and established financial investment companies never give their investors any guarantees.
Read Also: Dubai Police Release Short Film ‘FoxHunt2’ On How Hushpuppi, Woodberry, Others Were Tailed And Arrested For Online Fraud (Video)

In addition;

If you promised high returns on your investments no matter what the circumstances are, it’s likely a fraud. There is no such thing as guaranteed returns in this world, even the money in your savings account, because there is always some degree of risk to every investment.
Bankole said;

The funds which belong to over 500 investors was diverted to sponsor extravagant lifestyle, parties, exotic cars, luxury watches and real estates in Abuja, Lagos and PortHarcourt.
He added that the suspect confessed to the crime but pleaded to be given time to return the monies.

Read Also: Financial Autonomy: Lawyers March To NASS As Judiciary Workers Begin Nationwide Protest (Photos)

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 then advised the public to be wary of investment/portfolio managers that promise very high returns on investments.

https://mojidelano.com/2021/05/celebrated-21-year-old-investment-expert-who-promised-60-roi-to-investors-arrested-for-diverting-n2b/

Everybody wants to steal these days. Especially the young ones

You guys are just making scammers and yahoo boys richer

A whole lot of them out there , I just pity the young lads out there running other people’s race
Me I no dey look another man pace at all as long as I get my own place, My wife, kids, parents dey comfy I swear Glory be to God

These guys will make guys like us hustling legit look useless.My cousin that graduated not quite long was doing well and his mother started asking my mom whether I her child really graduated in school because the guy was super rich and I was still managing.
It later dawn on her when she was arrested along side with the husband that their so called son is into fraud.Till now,they haven't seen the guy.

Fool!

When are they gonna arrest Bullion van Politician?

To those asking where una for dey see money oh!!! Or abeg make una cut soap for me!

Now see where dem dey see the money, hope you still need the soap?

Just hustle legitimately, keep focus & never let others determine your self evaluation especially those you don't know their source of wealth.

.. Too many Invictus

everybody na thief, but na who them catch be the thief

if it's too good to be true then it's probably not true

Ok

But they can't arrest Maxwell of MBA Trades

вυт тнe gυy ѕнoυld нave мove ιnтo мυѕιc ιndυѕтry aғтer тнaт нυge accoмplιѕнмenт
and ғeaтυre ѕoмe тopnoтcн мυѕιcιan
нιѕ caѕe woυld нave jυѕт вeen lιĸe тнaт oғ naιra мarley
нe woυld вecoмe мore ғaмoυѕ and вιg
вυт тнeм no geт ѕenѕe na ғleх&carryιng oloѕнoѕ тнeм ѕaвι

one oғ тнe greaтeѕт local gee ιn nιgerιa

Just yesterday, an close friend almost invested in a ponzi scheme. I got her off

When will they arrest Buhari Fulani terrorists, bandits, killer herdsmen and kidnappers brothers

Like I always say, The desire to get even greater would be the end of a great man. Believe it or not, eventually, you’d realize.

The numerous investors, and the twenty-one year old organizer are very greedy. It wasn’t too long ago we celebrated this particular boy out here in my chambers. Dr. Akari used him for his Tuesday motivational speech. And now look where greed has gotten him—and the rest of them also.

How do you believe any business would guarantee you a sixty-percent profit in one month? Are you the Comptroller of Nigeria Customs?
I heard one man lamenting that they weren’t aware he was a small boy running the scheme.
And I asked; so you just throw in money carelessly without first properly rainchecking what you’re doing?

After una go say una no get money for this country. Continue dey disguise.

You promised someone 60 ROI how dumb can you be?

And the criminal voice was one of the loudest on social media during the #endsars....

I don’t know if it’s just me ooo

I don’t see any wrong the young man did

I only saw fooooolish Nigerian’s who just dashed the young man their hard earned money

How will someone promise you 60% ROI on investment and you’ll believe such?

How much is the total profit and how much is he the business owner supposed to make?

Chai

Wen will UNIVERSAL DADDY INK (d founder of Pinkcoin) b arrested?

10,000 magas x 1k = 10 MILLA

No b juju b that? Hehehe...

D guy don hammer wallahi. Maybe him don give EFFC & police their share. Naija na scam las las.

What has Ponzi Scheme got to do with this report?

This young man is an internet fraudster under the cover of an investment manager.

This is impersonation and fraud and has nothing to do with Ponzi Scheme.

Ponzi Scheme is a mathematical pyramid that is designed to fail at some point.

Investors know this, and that is why they are warned to invest with bucks they can afford to lose.

As always, the early birds are always favoured.

But this, here, is fraud, cause I'm certain no investor made a dime in return!

Journalism is dead in Nigeria

ednawande2580:
In what may be another case of Ponzi scheme, a 21-year-old man, who claimed to be an investment banking expert, has been arrested by Special Fraud Unit (SFU) of Lagos state police command for diverting investors’ funds worth over N2 billion.

The suspect named Dominic Joshua Ngene, who is the managing director of an investment company, Brisk Capital Limited, was arrested following petitions to the unit by several investors and after verified intelligence gathered on his activities including banking records emerged, DailyTrust reports.

Joshua, who is a native of Ebonyi state but was bred in Cross River state, operates from Uyo, Akwa Ibom State capital, according to police.

CP Anderson Bankole, who is in charge of Police Special Fraud Unit (PSFU), in a statement, said the suspect lured his victims on social media platforms such as Instagram, Facebook and Linkedin, as well as via newspaper publications.

In the publications, the suspect claimed to be a financial investor of repute and that he managed funds for over 100 individuals and companies.

The CP explained that the victims were conned to invest in Bitcoin, forex trading, real estate and oil and gas with a promise of prompt and accurate 60 per cent Return on Investment (ROI) per month on every sum invested, plus a guarantee of the invested principal.

It would be recalled that MDB in a recent report about how to easily detect Ponzi schemes stated that extraordinarily high “guaranteed” returns is used to attract investors.

According to the report;

Ponzi schemes usually offer abnormally high and “guaranteed” ROI of more than 20% per annum and some go as far as promising to pay profits monthly. The attractive returns are used to lure investors to invest in their supposed products. However, even the most powerful and established financial investment companies never give their investors any guarantees.
Read Also: Dubai Police Release Short Film ‘FoxHunt2’ On How Hushpuppi, Woodberry, Others Were Tailed And Arrested For Online Fraud (Video)

In addition;

If you promised high returns on your investments no matter what the circumstances are, it’s likely a fraud. There is no such thing as guaranteed returns in this world, even the money in your savings account, because there is always some degree of risk to every investment.
Bankole said;

The funds which belong to over 500 investors was diverted to sponsor extravagant lifestyle, parties, exotic cars, luxury watches and real estates in Abuja, Lagos and PortHarcourt.
He added that the suspect confessed to the crime but pleaded to be given time to return the monies.

Read Also: Financial Autonomy: Lawyers March To NASS As Judiciary Workers Begin Nationwide Protest (Photos)

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 then advised the public to be wary of investment/portfolio managers that promise very high returns on investments.

https://mojidelano.com/2021/05/celebrated-21-year-old-investment-expert-who-promised-60-roi-to-investors-arrested-for-diverting-n2b/

according to Nairaland. The southern part of Nigeria is filled very educated and sophisticated citizen unlike the North. But a small boy of 21 can defraud highly educated people by just promising 60 r.o.i MMM chop their own,MBA chop now this .....education is beyond wearing suit and tie and copying white man up and down.

Let's even say u got trick on his shyt....if u ain't blinded by greed, his age would have raised alot of red flags over his "investment repute"



On a second thought 60% every month for 12 months a year, with guaranteed capital, common this is just to dump to fall for.

Sorry for ur lost

Govt notes are less than 10%