Ponzi Scheme: How 22-Year Old, Swindles 170 People of N10.8b

Police from the Force Criminal Investigation Department, Alagbon , Ikoyi , Lagos ( FCID) today told a Federal High Court, Lagos, how a 22- year-old man, Joshua Adeyinka Kayode, used a fake ponzy scheme to deraud over 170 people 0f the tune of N10.8 billion .

The revelation was contained in a 170 counts charge of conspiracy and obtaining money by false pretence levelled against the accuse alongside his company, Quintessential Investment Company Limited, by men of the Force Criminal Investigation Department (ForceCID) Annex, Alagbon-Ikoyi, Lagos.

The defendant, Joshua Adeyinka Kayode was arraigned today by Police prosecutor, Barrister Williams Tijjani who told the court that the defendant and others now at large, committed the offences between July 2020 and March 2021.

Tijani told the court that the defendant defrauded his victims under the pretence of false multiple returns on investment.

He said the offences commited by the defendant are contrary to and punishable under section 8(a) and 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

However, the defendant denied the allegations and pleaded not guilty to to all the counts.

Upon his plea of not guilty, the prosecutor, Barrister Tijjani, urged the court to remand the accused in the custody of Nigerian Correctional Services (NCOS), pending when his bail application would be heard and determined.

Counsel to the defendant, Mr. Emeka Okpoku (SAN) did not opposed the prosecutor’s remand appllication, but asked the court for a short date to enable him file the bail application.

After listening to the submission of parties, Justice Ringim, adjourned the matter till July 11, for hearing of the defendant’s bail application.

Justice Ringim also ordered that the defendant be remanded in the custody of NCOS, till the hearing and determination of his bail application.

Some of the counts reads : COUNT 1: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020 — March 2021 at Lagos, within the jurisdiction of this Honourable Court, did conspire among yourselves to commit felony to wit: Obtaining Money by False Pretence and thereby committed an offence punishable under section 8(a) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 2: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos,, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of One Billion and Eight Million Naira (#1, 800,000,000.00) from one Oladapo Abiola ‘m’ (Voltal Golbal Capital Investment Company) under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 3: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos,, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Seventy Million Naira (N70, 000, 000. 00) from one Akande Solomon Odafe ‘m’ under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 4: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020 – March 2021 at Lagos,, within the jurisdiction of this Honourable Court, did with intent to
gee ud, fraudulently obtained the sum of Thirty Million Naira (N30,000,000.00) from one Umara Ibrahim Adubi ‘m* under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 8: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020—March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to detraud. fraudulently obtained the sum of Four Hundred and Ninety One Million Naira (N491,000,000.00) from one Olarinde Tolulope ‘f under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section I(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 6: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020—March 2021 at Lagos.. within the jurisdiction of this Honourable Court. did with intent to defraud, fraudulently obtained the sum of Eleven Million Naira (N11,000,000.00) from one Uchechukwu gbunonu ‘m7’ under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 7: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020—March 2021 at Lagos,, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Four Million Naira (N4,000,000.00) from one Daniel Eshiet ‘m’ under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 8: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July 2020-March 2021, at Lagos, within the jurisdiction of this Honourable Court. did with intent to defraud. fraudulently obtained the sum of Seven Million Naira (N7,000,000.00) from one Ifabiyi Tobi Emmanuel ‘m’ under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 164: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to detraud, fraudulently obtained the sum of One Hundred and Thirty Four Million, Five Hundred and Seventy Six Thousand Naira (N134, 576, 000.00) from one Nnamdi Emmanuel ‘m’under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section I(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 167: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Six Million, Seven Hundred and Twenty Six Thousand, Five Hundred and Sixty Two Naira (N6, 726, 562.00) from one Onyiga Damilola ‘f under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 168: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos,, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Five Hundred Thousand Naira (N500, 000.00) from one Okwuazu Anwulika ‘m’under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 200.

COUNT 169: That youJoshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos,, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of One Million Naira (N1,000,000.00) from one Florence Adebayo ‘f under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

COUNT 170: That you Joshua Adeyinka Kayode ‘M’, Quintessential Investiment Company Limited and others now large between July, 2020-March 2021 at Lagos, within the jurisdiction of this Honourable Court, did with intent to defraud, fraudulently obtained the sum of Four Hundred and Thirty Thousand Naira (N430,000.00) from one Esther Eshiet ‘f under the pretence of investing same a representation you knew to be false and thereby committed an offence contrary to section 1(1) (a) (c) of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

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