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How Lagos 19-year-old 'CEO' Defrauded Over 500 Victims Of N750million

November 9, 2021

However, the young man is allegedly being shielded by his parents and a former Deputy Inspector-General of Police (rtd), Abdulrahman Olajide.

More facts have emerged on how 19-year-old Muiz Ibrahim, the acclaimed Chief Executive Officer of Cypterix, a Foreign Exchange Market (Forex), trading platform allegedly defrauded over 500 victims to the tune of N750million.

SaharaReporters had reported on Monday that some of the victims, on Monday, stormed the Ogba Magistrate Court, Lagos State, demanding a refund from the company.


However, the young man is allegedly being shielded by his parents and a former Deputy Inspector-General of Police (rtd), Abdulrahman Olajide.

They have since obstructed the refund of the monies, fraudulently obtained, from the victims.

His modus operandi, according to the victims, is that investors were asked to wait for a period of 20 to 30 days after investing their capital in the business with a Return On Investment of 60%.

However, if there are certain unplanned issues, the investor was told he would be paid the capital in full and a 30% guarantee bonus of the ROI.

Cypterix claimed this was a capital Insurance provision for investors with which it baited over 500 people. [story_link align="left"]100973[/story_link]

“The total money the company and the acclaimed CEO collected from all of us is around N750million. We want a refund of our monies,” one of the victims told SaharaReporters on Tuesday.

SaharaReporters obtained a copy of a document signed by Muiz Ibrahim giving the conditions of the contract.

It reads, “I, Muiz Ibrahim, CEO Cypterix received a total sum of Thirteen Million, Six Hundred and Forty Thousand naira, N13,640,000 in the following order (N150,000, N5,500,000, N4,000,000, N2,000,000, N1,500,000, N490,000) from MR. Sofidiya Oladayo Daniel on these following days , 5/3/2021, 6/3/2021, 11/3/2021, 12/3/2021, 20/3/2021, 16/3/2021 consecutively.

“This Forex(FX) Investment will run on a 60% ROI within the space of 20-30days. This investment is to yield a total sum of N21million and will be paid duly on or before 20-30 days after the invested day.

“In the case of any unforeseen circumstances, the capital initially invested, N13,640,000 will be fully refunded to the investor and a 30% guarantee bonus of the ROI. This is a CAPITAL INSURANCE provision from the Cypterix company.”

Meanwhile, some of the victims had sent a petition to the Assistant Inspector-General of Police, Zone II, Lagos State, on June 9.

The petition signed by Oluyemi Osho, a lawyer to the victims, was titled, “Petition Against Mr. Muiz Ibrahim Kunle On His Fraudulent Misrepresentations For Financial Gains, Obtaining Financial Gains By False Pretences; And Stealing The Sum Of N74,000,000,000.00 (Seventy Four Million Naira).”

It reads, “Reference is made to the above matter. We act as Solicitors to Mr. Oladayo Sofidiya (our Client) and have his instructions to lodge this complaint in respect of the fraudulent misrepresentations for financial gains, obtaining funds by means of false pretence and stealing of our client’s funds as well as other investors fund (at Home and in diaspora) funds in the sum of N74,000,000,000.00 (Seventy-four Million Naira) by a certain Mr. Muiz Ibrahim Kunle (the “suspect”) who represented himself as a licenced trader in Forex to our client.

“However, the same turned out to be a cloak of fraud; with which the suspect subsequently defrauded our client of his hard earned money alongside several other investors who sponsored this petition (Investors Signatures below) in the sum of N74,000,000,000.00 (Seventy-four Million Naira).

”Sometimes in January 2021, our Client who is a businessman was introduced by one Mr. Donye Goodness Oluwaseun (a mutual contact) to Mr. Muiz Ibrahim Kunle (the suspect herein). The suspect further introduced himself to our client as a viable trader in the Foreign Exchange Market (Forex).

“Upon the said introduction, our client and the suspect got talking thereafter and the suspect further elaborated on his business engagement in Forex to our Client, and made all sorts of fraudulent representation and consistent persuasions to our client to invest in the said business as the same as high returns on investment.

“Our client was assured that 60% interest of whatever sum he invested would be paid back to him with the capital sum within thirty days.

“Further to the above, our client agreed to invest a total sum of N13,687,000.00 (Thirteen million Six Hundred and Eighty seven Naira) into the Forex business of the suspect.

“The said sum was paid into a KUDA Bank account number: 1100666178 (in the name of the suspect) and the suspect further assured our client that his returns on investment and capital shall be paid accordingly in which they further signed a memorandum /agreement to that effect.

“Kindly find enclosed the said payment receipts of the said sum of N13,687,000.00 (Thirteen Million Six Hundred and Eighty seven Naira) & other investors : N60,313,000.00 (Sixty Million Three hundred and Thirteen thousand Naira) and a Total sum of N74,000,000 (Seventy-Four Million Naira) and the agreement and different exhibits for your ease of reference.

“At the expiration of the subsequent 30 days as fraudulently represented to our client, our client approached the suspect for the capital sum invested and his returns on the said investment be paid to him. Rather than pay the said total amount, the suspect began to avoid our client and giving all sorts of excuses to avoid payment of any sum to him.

“Our client thereafter made persistent calls and forwarded several messages to the Mr Muiz but unfortunately, they failed, refused and neglected to take our client’s calls nor responded to the messages. It was then it dawned on our client that he has been scammed/defrauded and criminally deceived to part with his hard-earned money with intent to be permanently deprived of the same by the suspect.

“In a bid to reach the suspect who has since closed down all forms of communication with our client; our client approached the police at the Lagos State Command, however, the command is yet to get the suspect apprehended as you read from us.

“In line with the foregoing, our Client was reliably informed by other investors in the suspect’s scam that the suspect has been boasting and ranting that he is above the law and by hiring a retired DIG, Mr Abdulraman Akano Olajide to mess with the case by shielding the criminal and that he is highly connected and that no one can arrest him in Nigeria (not even the Inspector General of Police) as he is well connected to the high and mighty within the country and beyond.

“Our Clients’ Predicament And Request: From the foregoing, it is very clear that the suspect has behaved in a very criminal manner and is hell-bent in permanently depriving our client of the use and enjoyment of his hard-earned money among other forms of criminalities perceived to have been perpetrated by the suspect.

“Our client is of the staunch belief that Nigeria is a country governed by laws and that under this current dispensation sir, is empowered under the police force Act (the Act) to investigate and apply the full weight of the law on anyone found on the wrong end of the Act.

“This case is a classic case of financial fraud which we believe your office should not condone sir. It is in this light that we urge you, sir, to use your good office in ensuring that the suspect is investigated and made to face the full wrath of the law if found culpable.

“Details and Signatures of Reachable Victims who sponsored this petition are as follow: Mr. Yusuf Olayide; Donye Goodness Oluwaseun; Oluwatosin Daniel Oduntan; Ogunjobi Toluwalope Mercy; Odeyomi Olumide Kayode; Adeyi David; Ifelola Blessing Oluwademilade; Phillip Opeyemi Olatinwo.

“We anticipate your co-operation in this regard and further confirm our availability to answer any questions that you may have.”

CRIME Scandal