Police unit apprehends 19-year-old man over alleged capital market fraud
POLICE operatives attached to the Securities and Exchange Commission (SEC) has apprehended a 19-year-old man, Damilola Balogun for allegedly using a fake Whatsapp platform to lure investors into investing in a fraudulent scheme.
Balogun, who hails from Kogi State, was arraigned on a one-count charge of impersonation contrary to Section 179 of the Penal Code Law, Chapter 89 before Magistrate Ibrahim Mohammed of Senior Magistrate Court Zone 6, Wuse, Abuja, Tuesday.
After the charge was read to Balogun, he admitted committing the offence, saying he used Afrinvest West Africa’s name and logo to lure unsuspecting Nigerians to invest with a 100 percent return on investment within 45 minutes.
Mohammed stated that since the defendant had confessed to the crime, there was no reason why
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he should not be convicted.
Balogun was therefore convicted under SEC 179 of Penal code and sentenced to one-year imprisonment without an option on fine.
Pronouncing the sentence, Mohammed stated “You are very talented; you should have used your talent in legal ways to help yourself and your family instead of resorting to crime
“Since he is a first time offender this court will temper justice and sentence him to prison for one year without an option of fine
Afrinvest Securities had in September 2019, written to the Securities and
Exchange Commission (SEC), to report a certain individual by the name Olalekan Balogun for impersonation.
They alleged that the man used the name of the company and opened a Whatsapp group to lure investors to invest and get double dividend in 45 minutes.