Nigerian Police Arrest Brisk Capital CEO for Allegedly Running a $4 Million Investment Fraud

The Nigerian authorities have arrested the chief executive officer of Brisk Capital Limited in Lagos after accusations of being involved in a millionaire fraud based on alleged cryptocurrency and foreign exchange (forex) investments. Dominic Joshua is believed to have diverted over 2 billion nairas ($4.84 million) from investors, to which he allegedly promised returns of up to 60 percent, according to Nairametrics.

Joshua is accused of promoting an investment scheme that allocated money into Bitcoin, the forex market, real estate, oil, and gas. However, the police decided to launch an investigation against the 21-year-old man after complaints submitted to the Special Fraud Unit of the Nigerian Police Force from alleged victims.

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“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,” Anderson Bakole, the Commissioner of the Special Fraud Unit, said.

He also confirmed that Joshua confessed to the crime. However, Brisk Capital Limited’s CEO asked to be given more time to return money to the victims. Bankole highlighted that funds diverted came from almost 500 investors who funded the “extravagant lifestyle” of Joshua, which included hosting parties and owning properties in cities such as Abuja, Lagos, and Port Harcourt.

Brisk Capital CEO Awaits for Further Legal Proceedings

There are no words yet on what’s next for Joshua on the ongoing legal proceedings after requesting additional time to return funds. Furthermore, Commissioner Bankole warned Nigerians to stay away from those schemes that promise astonishing high yields on their investments.

Finance Magnates reported in March that crypto scams in Nigeria have been on the rise, as fraudsters have been taking advantage of the cryptocurrency market’s overall performance when the data was collected. The report stated that most of these frauds originate on Instagram.

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