Two forex ‘traders’ were sentence to court for allegedly swindling their clients sum of N5.9m

Stock and Forex trading is legal in Nigeria, provided that the trader or broker adheres to the regulations and guidelines that govern the industry. But it is unfortunate to note that many people interested in learning forex trading tips have fallen in to trap of being scammed by some fraudulents claiming to be mentors.

Such incident occurred recently, were two forex traders ( possibly newbies) had fallen to be victims of such scam, they were deceived by someone who claimed to be a tutor named Oyinka Yusuf. He was 32 years old set up and operating unregistered and illegal forex businesses, ‘D-Delight Binary and Forex Investment Company LTD’ and ‘Alatmax’ as he named the business between October and December 2020 in Osogbo. Oyinka used this business to scam two clients sum of N5,980,000,00. The fraudulent intent the sum of N4,400, 000,00 from one Atilola Atilade Adeleke and the sum of N1,580,000,000 from one Akintifonbo Anuoluwapo Tejumola under the guise of operating legitimate forex business. The incident that happened on 14th December, 2021 has been taken care by The Department of State Services (DSS)under the leadership of The Director General of the State Security Service, Mr. Yusuf Magaji Bichi who arraigned the young suspects Nigerians before an Osun State Magistrate Court sitting in Osogbo for allegedly defrauding two clients of the sum of N5,980,000,00.

The two suspect, Abiodun Ayomide Matthew and Alagobra were accused by the Department of State Services (DSS). The prosecution informed the court that Matthew and Olayinka, between October 2020 and April 2021, in Osogbo, obtained with fraudulent intent the sum of N4,400, 000,00 from one Atilola Atilade Adeleke and the sum of N1,580,000,000 from one Akintifonbo Anuoluwapo Tejumola under the guise of operating legitimate forex business. And according to them The suspicious offences contravened Sections 516 and 419 of the Criminal Code, Cap 34, Volume II, Laws of Osun State of Nigeria, 2002. Even though The defendants pleaded not guilty to the two-count charge of conspiracy and fraud leveled against them. The defence counsel, Bola Ige, urged the court to grant them bail and noted that the constitution presumes them innocent of the allegations until proven contrary.

Therefore as requested by the defence counsel Magistrate M. A. Olatunji granted the defendants bail each in the sum of N2 million with two persons taking the responsibility each in the like amount. Based on the decision made by The Magistrate ruled that Soyombo. The journalist was earlier detained on the orders of the Inspector-General of Police (IGP), Usman Baba Alkali, at the Force headquarters, Abuja over a story, he published.

He was invited for an interview for publishing a story that exposed the award of transit police camp projects that do not amount to the tune of those taking the responsibility must Ñeside within the courts jurisdiction and that they must be at least, level 14 civil officers with verifiable addresses and adjourned further hearing till January 27, 2022.

Meantime, Police authorities have released the detained Editor-in-Chief and Founder of the Foundation for Investigative Journalism (FIJ), Fisayo contract sums.