Fraud: Police nab Jesam Michael, Afriq Arbitrage System CEO

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Jesam Michael, the chief govt officer of Afriq JM Arbitrage System (AAS) has been arrested by the Nigeria Police Pressure over allegations of fraud.

Michael had reported to the Inspector-Basic of Police (IGP) Particular Investigation Unit (SIU) that he was defrauded of $87 million by one Mr. Abayomi Segun Oluwasesan. Nonetheless, the matter took a brand new flip after Oluwasesan admitted to the fees however disputed the quantity concerned.

An announcement by Pressure Spokesperson, Adejobi Olumuyiwa, on Thursday, mentioned a “forfeiture Treaty between the events led to the restoration of assorted property from Oluwasesan, however Michael’s choice to switch these properties into his private title raised suspicions about his motives.”

The assertion added that “suspicion arose from Mr. Michael’s choice to switch the recovered properties into his private title relatively than that of his firm, elevating severe questions on his motives.”

“As well as, quite a few traders have reported their lack of ability to withdraw their principal funds or the promised returns from Afriq Arbitrage System, AAS, for over 18 months. This prompted a preliminary investigation into the operations of the corporate. Regardless of repeated requests from the Nigeria Police Pressure, Mr. Michael failed to offer verifiable medical information for the alleged operation he underwent, legitimate proof of professional buying and selling practices, and a viable reimbursement plan for the affected traders.

“His lack of credible proof, particularly regarding his claimed well being points, which he suggests hindered his capability to grant full system entry, raised severe questions on his credibility and the integrity of AAS.

“The Nigeria Police Pressure firmly dismisses Mr. Michael’s claims of harassment, asserting that the real victims are the numerous harmless and unsuspecting traders who positioned their belief and cash within the Afriq Arbitrage System, solely to face continued uncertainty and {financial} misery.

“Mr. Jesam Michael was apprehended at this time by operatives of the IGP SIU, and a complete interview regarding these allegations, notably relating to how he and AAS have managed traders’ funds, is at the moment underway,” the assertion added.

Afriq JM Arbitrage System is a digital foreign money buying and selling platform.

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