Fake forex trader arraigned for fraud

A 39-year-old man, Bassey Ikpi, accused of posing as a forex trader, was arraigned on Thursday before the Lagos State Chief Magistrate Court in Ebute-Metta for allegedly defrauding several individuals and companies of large sums in multiple currencies.

The defendant, who is facing four counts bordering on conspiracy, obtaining by false pretence, fraud, and breach of public peace, preferred against him by the police.

Ikpi allegedly obtained N1,066,311,503, $355,000, and €13,000 under fraudulent circumstances, from his victims.

Police prosecutor, Inspector Cyriacus Osuji, told the court that Ikpi, along with his accomplices still at large, committed the alleged offences.

“The defendant, in conspiracy with others, fraudulently obtained these large sums under the pretence of forex trading,” Osuji stated.

He also told the court that these offences took place on October 18, 2023, at Ikeja, Lagos.

Ikpi was specifically accused of defrauding one Mrs. Caroline Kamaya of N25m and another victim, Mrs. Tope Augustine, of N36m.

He allegedly swindled Mrs. Henrietta Achiekwelu out of N200m, $75,000, and €13,000.

Osuji further told the court that Ikpi obtained N82,211,503 from NKG Energy Services, N683,100,000 from Sacvin Nigeria, and $280,000 from Neco Trading Services Limited and Mr. Arinze Anyaeche.

The defendant was also accused of duping Mrs. Stella Mohammed of N21m and Mr. Tokunbo Adebiyi of N19m, all under the false pretence of forex trading.

Osuji said that the defendant conducted himself in a tumultuous manner, an act capable of breaching community peace and order.

The offences are said to contravene Sections 411, 314, 380 (1), and 168 (1)(d)(f) of the Criminal Laws of Lagos State 2015.

Ikpi, however, pleaded not guilty to the charges.

Magistrate Mrs Abimbola Davies granted the defendant bail in N2m, with two sureties in like sum.

She ordered that the sureties must be gainfully employed, present evidence of tax payment to the Lagos State Government, and have their residential addresses verified.

The case has been adjourned to September 10, 2024, for further mention.