The Nigeria Police Force (NPF) has declared the CEO of Chinmark Group, Ijiomah Marksman Chinedu, wanted for alleged investment fraud. The police have asked Chinedu to appear before the Assistant Inspector General of Police, Interpol, at the Force Headquarters in Abuja.
A special police gazette bulletin announced that a warrant of arrest was issued by the Magistrate Court of Lagos. Chinedu is accused of cyber fraud, obtaining money by false pretenses, and money laundering to the tune of N480 million.
The police action follows a petition by Chive GPS, a dispute resolution company that provides debt recovery solutions and other services. The company reported how its client, who was oblivious to the fraud, sent the money in question into multiple bank accounts controlled by Chinmark Group. The transaction was designed to yield interest, but when it was time to pay, the chief masterminds reportedly fled Nigeria to the UAE or the South Pacific Island of Vanuatu.
Chive GPS suspects that the Chinmark CEO may have coordinated the fraud alongside Amanda Chisom, Peter Awuzie, Happiness Awuzie, Linda Chinemelum Paul, Ada Ujaligwa, Timothy Benedict, and Harrison Gwamnishu. The company also urged the police to place the Chinmark boss on a global red notice to enable security agencies to monitor his movement.
Investment fraud is a serious issue in Nigeria, with many unsuspecting investors losing their life savings to fraudulent schemes. The government has taken steps to combat investment fraud by setting up various agencies, such as the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC), to investigate and prosecute fraudulent investment schemes.
The SEC is the primary regulatory agency for the Nigerian capital market and is responsible for regulating and supervising all securities-related transactions in Nigeria. The EFCC, on the other hand, is responsible for investigating and prosecuting economic and financial crimes, including investment fraud.
Despite the efforts of the government and regulatory agencies, investment fraud continues to be a problem in Nigeria. Many fraudulent investment schemes continue to operate, preying on unsuspecting investors and promising high returns on their investments.
To protect themselves from investment fraud, investors should be vigilant and do their due diligence before investing their money. They should research the investment opportunity thoroughly, ask questions, and seek advice from a qualified financial advisor. Investors should also be wary of promises of high returns, as such promises are often a red flag for investment fraud.