FUNAAB Student Arrested For Duping Professors & Students Of N6 Billion Through Forex Scam
An undergraduate student of the Federal University of Agriculture Abeokuta (FUNAAB) has been arrested by authorities for attempting to flee with the sum of N6 billion invested with him by his colleague, professors, lecturers of his institution.
The student, Mr Nwabuba Victor Ifeanyi of Vickson enterprise, run a forex investment scheme that attracts investors to receive 20% of their money back after 2weeks.
He was arrested at the Muritala Mohammed Airport on Tuesday, February 4, 2020 while trying to flee the country for Dubai.
The undergraduate of Chemistry department is alleged to have defrauded, students, lecturers, business owners, and parents within and outside of the University environs.
It was gathered that the suspect fondly referred to by the name of his investment plug, Vickson enterprise, had at least 25 other forex traders acting as middle men to Vickson, unknown to their investors
According to reports, these middle men are solely aware of the financial gains of the trade and start their own enterprise but work as middle men with the suspect who is knowledgeable about the trade.
With each trader having tons of investors made up of students who trade with their hostel and school fees, lecturers who trade with their salaries, yahoo boys who needed somewhere to hide fundsetc under their control, everything seemed alright at first.
In a bid to gain more investors especially business men and women outside of the university, Victor alongside his middle men promised a 20 percent return of investment every week, 35 percent ROI every month, turning the legit trade into a quick money trade.
Tragedy struck when the suspect opted to try out the sum of N11.3 billion on cyptocurrency/bitcoin trade in a bid to meet up with the outrageous return on investment promised, but got swindled and was left with N6 billion.
Panic soon set in as he soon started being in debt to investors who needed their money, prompting him to announce a break on the forex trade.
Upon the announcement of a break, investors began to get worried as they are fully aware that there is never a break in forex trading.
Victor was arrested at the airport after investors dscovered that he had plans of running away with their money, which reportedly summed up to N6 billion.
After he was arrested, the suspect explained that he intended to flee to Dubai over the mess.
While middlemen have opted to sell their properties to pay investors back, the suspect has refused to reveal where the bulk of the money is as only a meagre N330m has been recovered from him.
The case has since been escalated to the EFCC and officials of SARS who soon swung into action.
Here is the list of some of the forex enterprises who have investors within and outside Nigeria but have shut down as they were middle men under Vickson Multiconcept;
Rex Fx, Tasky Fx,Beloved Fx,Faaji Enterprises, Oja Oyingbo,Kunlexs-p Enterprises, Irene Scents Fx,Greenearth Investments, Omoowo Forex, M invest, Hemmy Enterprises, Damzy Fx, etc.
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