The Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) arraigned Rufus John Isip, a self-proclaimed forex broker, before Justice C. S. Onah at the Federal High Court in Uyo, Akwa Ibom State, on July 19, 2024. Isip, alongside his company, ITM-IT Resources Limited, faces eight counts of fraudulent conversion, money laundering, and obtaining by false pretenses, amounting to N2,022,081,172 (over Two Billion Naira).
The charges detail that Isip misled Michael Okon, the Director of N-Rex Resources Limited, into investing N431,331,172 (Four Hundred and Thirty-One Million Naira) in Vandora, an online investment platform. He is also accused of converting N730,870,000 (Seven Hundred and Thirty Million Naira) into Bitcoin and transferring it to his Binance wallet, fully aware of the illicit nature of the funds.
In light of his plea, EFCC counsel Khamis Mahmud requested that Isip be remanded in custody while further investigations continue. Defense attorney Samson Ewuje did not object to the request.
The case is set for trial on October 14, 2024, with Isip remaining in EFCC custody. He was arrested following a petition from Michael George, who claimed that Isip had promised substantial returns on investments made through his fraudulent trading platform, Vandora.io, only to vanish after investors had committed their funds.
