Uyo-Based Forex Broker Arraigned in Court Over N2b Fraud

By Benjamin GBO

Rufus John Isip, a prominent forex trader based in Uyo, has been arraigned before Justice C. S. Onah at the Federal High Court in Uyo, Akwa Ibom State.

 Isip, along with his company, ITM-IT Resources Limited, is facing serious charges brought against them by the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).

The charges include eight counts of fraudulent conversion, money laundering, and obtaining money by false pretenses. 

The total amount involved in these alleged fraudulent activities is a staggering N2,022,081,172 (Two Billion, Twenty-Two Million, Eighty-One Thousand, One Hundred and Seventy-Two Naira).

According to the EFCC, Isip and his company allegedly lured unsuspecting investors by promising high returns on their forex investments. 

However, instead of investing the funds as promised, Isip is accused of diverting the money for personal use and other unauthorised purposes.

Justice Onah, presiding over the case, has set a date for the continuation of the trial. 

Meanwhile, Isip has been remanded in custody pending further hearings. 

The EFCC has assured the public that they are committed to pursuing justice and recovering the stolen funds.