EFCC demands the CEO of the Afriq System for alleged investment fraud

The Economic and Financial Crime Commission (EFCC) on Tuesday charged the Chief Executive Officer of the Afriq Arbitrage System (AAS) Limited, Mr. Jesam Michael, at the Federal High Court, Abuja, for alleged investment fraud.

The commission charged Michael and his company, a cryptocurrency trading platform, on charges of seven money laundering counts and cost fraud in advance, among others.

EFCC accused Michael committing investment fraud involving $ 844,416.36, N590 million, and $ 10,000.

The Anti-Corruption Agency accused that the defendant, between September 2022 and June 2023, in Abuja, invited the public through advertising to deposit funds with the Afriq Arbitrage System Limited.

This, according to the commission, violated part 44 (1) of the bank and other financial institution laws, 2020, and could be punished based on the same law.

EFCC also accused Michael and his company of being involved in a special financial service business, including investment management, without valid licenses.

Also read: EFCC to Men to Outside N600M, Investment Fraud $ 50,000 in Lagos

Judge Obiora Egwuatu rejected the defendant’s request due to gravity of violations and the weight of evidence to him.

He agreed with the argument of EFCC’s lawyer, Martha Babatunde, that regardless of instant accusations, more petitions were still received by the commission and other security institutions from the victims of the defendant’s Ponzi scheme.

The judge observed that the commission, in his argument, also said that further investigation had revealed that there were more than 50,000 investors in the failed Michael investment scheme.

Egwuatu, who ordered the accelerated hearing about this case, directed Michael to be transferred from EFCC prisoners to the Kuje Correctional Center while waiting for conclusions from his trial.

He postponed this problem until June 20 to be tried.