Dominic Joshua’s ‘hedge fund’ paid out 30% monthly returns. Then the scam unravelled

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Dominic Ngene Joshua, founding father of Brisk Capital and self-styled “Investment Maestro” | Image source: @dominicjoshua_ on Instagram

He claimed to be investing in right estate, forex and Chanel. There became as soon as no proof.

In December 2020, Michelle Adiguntransferred ₦300,000 ($750) to Brisk Capital, an investment firm she chanced on on Instagram. The firm promised to pay her 30% of that capital for three consecutive months. 

The promise became as soon as fulfilled. The final 30% became as soon as paid alongside her preliminary capital. Contented by this, Adigun better than doubled her commitment to ₦700,000 on March 2, 2021. Identical monthly promise as above. No questions asked.

However on the 2nd of April when she became as soon as to get the first fee, Adigun did no longer. “Here is when pain started,” she says to TechCabal.

That fee arrived two weeks later after Adigun over and over pressured Dominic Ngene Joshua, the founder and head of Brisk Capital, on Instagram. However that became as soon as as correct because it acquired. No return has been paid for Can also merely. 

Adigun says her sister also invested in Brisk Capital however never acquired any returns. They and two diverse of us, who spoke to TechCabal anonymously, are among the many most modern victims of a well-recognized scam couched as an investment alternative in Nigeria.

Joshua, the 21-year-oldschool self-styled ‘Investment Maestro’ at the wait on of the Brisk wheel, is now within the custody of the Nigeria Police Power on a dedication of prices including investment fraud and stealing. A image of him conserving a board with those prices is dated Can also merely 1st 2021. 

Source: Nnamdi Chife/Twitter

The police suppose that Joshua has diverted ₦2 billion from over 500 traders. He has spent some of that money on “events, peculiar cars, luxurious watches, right estate in Abuja, Lagos and Port-Harcourt,” in accordance with a assertion from the special fraud unit on Monday.

How the heck did a 21-year-oldschool build all that in precisely six months?

“Let’s talk business”

Brisk Capital joined Twitter in October 2020. On the 19th of the equal month, Joshua’s caption on his first Instagram describe read “Let’s Negate Industry. I am wait on…” 

He had it sounds as if been off social media for 300 and sixty five days and had frolicked “studying and constructing a legacy interested by helping of us build monetary security.”

Within the weeks and months that followed, his Instagram became a wisely-curated gallery of professionally taken photographs with merely captions. When EndSARS protesters were shot in Lekki, he stated the lawful issues – calling for smooth and mourning the pointless. 

After that week, he moved on to topics more in sync with the model he became as soon as constructing: wealth, success and investments.

“For the final portion of the year, I’d be committed in opposition to empowering 5 business owners with $100 each every Friday,” he stated on October 26, 2020. Winners would be picked from the comments portion. “#fundsfriday.”

Maybe that ought to hold raised questions however Joshua did no longer build giveaways on social media. Influencers with verifiable jobs build it always however someone with sufficient followers and an image of wealth would possibly well perchance gain a thirsty audience. Joshua did no longer deserve to ticket one thing else about his job and earnings although he became as soon as correct twenty years oldschool.

Posh Josh sells Chanel

Empowered with an increasingly more posh image and a slick Brisk Capital net page, Joshua began taking funds from enthralling traders. 

There isn’t any longer any bother with Brisk. We create investment a straight forward creep for you by taking the lawful investment selections that yield one of the best consequence. We steal up this accountability and create your dedication to make investments a steady, stress-free and straightforward one.”

Brisk Capital

Nnamdi Chife runs Chive GPS, a firm based in Abuja which does debt restoration and background tests. A consumer contacted him in December announcing he wanted to make investments with Joshua to create the promised 30% monthly returns. 

As portion of a background take a look at, Chife says he spoke with Joshua to verify Brisk Capital’s business portfolio and investment methodology. 

Joshua outlined that he invests his pool of client funds in right estate, forex trades and excessive-fee sort brands love Chanel – supposedly as a licensee who receives discounts on products.

Chife became as soon as one thing else however overjoyed, advising his client in opposition to investing. 

An advisory camouflage from ChiveGPS, a consultancy, to a shopper who wanted to make investments with Dominic Joshua’s Brisk Capital. Source: Chive GPS.

“There became as soon as no file any place to build that he did what he did,” Chife says to TechCabal, describing Brisk Capital as a product-backed Ponzi plan.

“What he equipped became as soon as a manipulated dashboard of supposed forex trades.”

However Joshua overjoyed of us that he became as soon as legit. Adigun and one diverse victim suppose they were partly overjoyed to make investments after a dinner occasion in December where some song artists done. Rema, a Nigerian artist, made a gleeful put up on Twitter celebrating returns from Brisk.

Screenshot of a tweet by Rema, a Nigerian artist. It is no longer certain if this became as soon as a pad campaign on Brisk Capital’s behalf.

Joshua also had foot troopers who drove signal-ups. 

One victim who invested ₦500,000 and acquired 30% returns in February and March of this year says she became as soon as overjoyed by Brisk Capital’s entrepreneurs in her college, Abia Direct University. Essentially based on Chife, one particular person introduced in a entire bunch of of us who invested as a lot as ₦700 million with Brisk Capital. 

However darkish clouds began to converge around Joshua in April. After a heady launch, his book became as soon as now stuffed with promises of payouts; too many to fulfill. 

Victims suppose Joshua and Brisk Capital stopped responding to fee enquiries on WhatsApp. Basically the most modern posts on the corporate’s Instagram and Twitter accounts are from March.

Doominic

On April 19, Chive GPS despatched a demand gaze to Joshua. It became as soon as on behalf of a shopper who had no longer acquired the second fee for a ₦200 million investment made in December. 

When Joshua did no longer answer to the gaze, Chive GPS fervent the Nigeria Police’s Special Fraud Unit. They tracked and arrested Joshua who became as soon as already planning to leave Nigeria in accordance with Chife whose tweet this week introduced Joshua’s escapades to gentle.

The Police stated one of the most well-known properties Joshua bought along with his victims’ deposits were recovered. He’ll be charged to a Federal High Court when an ongoing strike by the Judiciary Workers Union of Nigeria ends.

Victims hope the plan will abet get better their deposits. “I invested ₦200,000 in December, which became as soon as due by March. I genuinely hold no longer been paid till now,” one stated.

She had invested attributable to she knew of us who labored with Joshua. Her company had cashed out too. However all she has now is the hope of no no longer as a lot as getting her capital wait on.

Chife expects the Economic and Monetary Crimes Price (EFCC) to steal over the topic. However in accordance with diverse identical Ponzi schemes that hold crashed, he’s no longer particular what number of of us will get wait on their money from Joshua.

Love victims of diverse scams, Joshua’s victims admit the 21-year-oldschool’s promise of 30% monthly returns at zero-commission or fund administration charges became as soon as continually too correct to be lawful.

“I didn’t build sufficient due diligence. I must smooth hold long past thru acceptable authorities and done my background take a look at,” one stated.

She thought the proportion became as soon as hideous however relied on her buddy who became as soon as a Brisk Capital agent to abet her make investments. 

“If I had also known my buddy didn’t know Joshua that wisely, I wouldn’t hold invested.”

Inspire in January, Adigun had been impressed when Joshua speedy stopped taking deposits. “Brisk looked they were intentionally managing their hedge fund to withhold it immense. I am correct tremendously shocked that the man’s intent became as soon as to defraud at least.”

It sounds as if, Joshua has admitted his crimes to the Police, pleading for time to plan wait on what he owes. That’s correct recordsdata for Adigun. “To get my refund. That’s all I desire.”

Title of victims were changed or withheld to defend identification


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