The Nigeria Police Force has confirmed the arrest of Mr. Jesam Michael, the Chief Executive Officer of Afriq Arbitrage System (AAS), in connection with an ongoing fraud investigation.
His arrest follows a petition he initially filed with the Inspector-General of Police (IGP) Special Investigation Unit (SIU), alleging that he was defrauded of $87 million by Mr. Abayomi Segun Oluwasesan.
Following Oluwasesan’s arrest, he reportedly admitted to the charges but disputed the amount involved, claiming it was significantly lower. However, new concerns emerged regarding a forfeiture agreement between both parties, leading to the recovery of various assets from Oluwasesan. Investigators raised suspicions when it was discovered that Mr. Michael had transferred the recovered assets to his personal name instead of the company’s, prompting further scrutiny.
In addition to this, multiple investors have lodged complaints about their inability to withdraw their capital and promised returns from AAS for over 18 months. The police launched a preliminary probe into the company’s operations, during which Mr. Michael allegedly failed to provide verifiable medical records for his claimed surgery, evidence of legitimate trading practices, or a concrete repayment plan for investors. His failure to offer credible documentation, particularly concerning his health condition, raised doubts about his transparency and the integrity of AAS.
In response to claims by Mr. Michael that he was being harassed, the Nigeria Police Force firmly dismissed such allegations, asserting that the real victims were the numerous investors who had entrusted their funds to AAS and now face financial uncertainty.
Mr. Jesam Michael was arrested by operatives of the IGP SIU, and investigations into the management of investors’ funds by AAS are currently ongoing. The police have assured the public of their commitment to ensuring a fair and transparent investigation, urging any affected individuals or those with relevant information to come forward and assist in the probe.
The Nigeria Police Force reaffirmed its dedication to protecting innocent citizens from financial fraud and exploitation while ensuring that justice is served.
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