Celebrated investment banker and founder of Brisk Capital Limited, Dominic Ngene Joshua, is in police custody after allegedly defrauding investors of over N2 billion.
The report went viral on Tuesday after the police special fraud unit (PSFU) confirmed Joshua’s arrest following petitions it received from the investors cut in the fraud web.
The police unit said Joshua, 21, has confessed to the crime. “The suspect confessed to the crime but pleaded to be given time to return the monies,” a report published on the police website reads.
The report further stated: “The funds, which belong to over 500 investors, were diverted to sponsor extravagant lifestyle, parties, exotic cars, luxury watches, real estates in Abuja, Lagos and Port-Harcourt.
“Some of the properties/items purchased with the diverted funds have been recovered as exhibits while the suspects will be charged to the Federal High Court as soon as the strike by Judiciary Staff Union of Nigeria (JUSUN) is called-off.”
According to the police, the young man conned investors to invest in Bitcoin, forex trading, real estate and oil & gas with a promise of prompt and accurate 60% return on investment (ROI) per month on every sum invested.
Joshua, who is an indigene of Ebonyi state, runs the business from Uyo, Akwa Ibom state capital.
Before the incident, he has been featured in national dailies and hailed as a “disruptor” in the investment banking industry, without a compelling track record that backs the claim. Businessday newspaper has now deleted the glowing profile it wrote on Joshua following the news of his arrest. But the publication said the story was unpublished because it fell short of its editorial standard.
In a newsletter sent to its subscribers on Tuesday, BusinessDay editor wrote, in part: “I asked that the story be brought down. Not because of the appearance of a mugshot together with a snapshot from the BusinessDay profile. The story was brought down because it did not follow our editorial process.
“We have learned from this and are internalising the lesson. The reactions of our subscribers, readers and the public in general gives us additional reason to be more attentive to our responsibility. It tells us you expect more from us. And it shows we must re-emphasise accuracy in our reporting and adopt a more thorough process to prevent future errors.”
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