Police Arrest AAS CEO, Jesam Michael, Over Fraud Allegations

The Nigeria Police Force has arrested Jesam Michael, CEO of Afriq Arbitrage System (AAS), over allegations of fraud and financial exploitation.

His arrest follows an ongoing investigation into missing investor funds and suspicious financial activities.

Jesam Michael initially reported to the Inspector-General of Police (IGP) Special Investigation Unit (SIU) that Abayomi Segun Oluwasesan defrauded him of $87 million. However, Oluwasesan admitted guilt but contested the reported amount.

Further investigation raised concerns over a forfeiture agreement between both parties. Authorities found that Jesam Michael transferred recovered assets into his personal name instead of AAS, raising suspicions about his true intentions.

Investors have complained about their inability to withdraw funds from AAS for over 18 months. The police launched a probe into the company’s operations after multiple failed attempts to secure a proper explanation from Jesam Michael.

Authorities requested medical records to verify Michael’s claims of ill health, which he cited as a reason for restricting system access. His failure to provide evidence further deepened doubts about his credibility and AAS’s operations.

The police strongly refute Jesam Michael’s allegations of harassment, stating that the real victims are investors who placed trust in AAS. Many of them now face financial losses and uncertainty about their investments.

Jesam Michael is currently in police custody and is being interrogated over his role in managing investors’ funds. The police have assured the public of a transparent and unbiased investigation into the matter.

The Nigeria Police Force urges affected investors and anyone with relevant information to come forward.