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Fraudulent Forex Trader Faces Charges in Lagos Court

Published by Tope Fakinlede on August 30th, 2024.

Fraudulent Forex Trader Faces Charges in Lagos Court

Nigeria Police

Bassey Ikpi, a 39-year-old man, appeared before the Lagos State Chief Magistrate Court in Ebute-Metta on Thursday, facing accusations of fraud for allegedly deceiving numerous individuals and companies as a fake forex trader.

Ikpi, who faces four charges including conspiracy, obtaining money under false pretenses, fraud, and disturbing public peace, is accused of fraudulently obtaining over N1 billion, $355,000, and €13,000 from his victims.

Inspector Cyriacus Osuji, the police prosecutor, informed the court that Ikpi, along with unnamed accomplices, committed these crimes on October 18, 2023, in Ikeja, Lagos. The defendant is specifically charged with defrauding Mrs. Caroline Kamaya of N25 million, Mrs. Tope Augustine of N36 million, and Mrs. Henrietta Achiekwelu of N200 million, $75,000, and €13,000.

Additional allegations include swindling 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. Ikpi is also accused of defrauding Mrs. Stella Mohammed of N21 million and Mr. Tokunbo Adebiyi of N19 million, all under the guise of forex trading.

The prosecutor also noted that Ikpi’s actions disrupted public order. The charges against him breach Sections 411, 314, 380(1), and 168(1)(d)(f) of the Criminal Laws of Lagos State 2015.

Ikpi pleaded not guilty. Magistrate Mrs. Abimbola Davies granted him bail of N2 million with two sureties of equal value, who must be employed, provide proof of tax payment, and have their addresses verified. The case is set for further mention on September 10, 2024.