Sahara Reporters has exposed a shocking case of alleged police complicity in shielding Jesam Michael, CEO of Afriq Arbitrage System (AAS), from justice despite his involvement in a massive cryptocurrency fraud.
Michael, identified as one of Nigeria’s most notorious cryptocurrency fraudsters, reportedly defrauded investors of a staggering $87.6 million, leaving victims unable to withdraw their principal funds or promised returns for over 18 months.
According to exclusive sources, rather than pursuing justice for defrauded investors, the Nigerian police hierarchy has been actively protecting Michael. In a disturbing turn of events, the police allegedly arrested and detained more than four individuals for cyberbullying—simply because they spoke out against Michael’s fraudulent activities.
These individuals were held at the Special Investigation Unit of the Inspector General of Police (IGP) for an extended period before eventually being released.
> “The police high command has been compromised. Jesam Michael duped investors of over $87.6 million and yet managed to manipulate the system, getting the police to arrest and detain those who dared to expose him,” a source told Sahara Reporters.
Michael was arrested by the Nigeria Immigration Service in collaboration with the police following an investigation into AAS’s financial activities and the mishandling of investors’ funds. However, insiders reveal that high-ranking police officials are already working behind the scenes to secure his release.
> “Now that Immigration has arrested him, they are already trying to bail him out,” a source disclosed.
Sahara Reporters previously reported that the case against Michael initially took an unexpected twist when he filed a complaint with the IGP Special Investigation Unit (SIU), claiming that he himself was a victim of fraud. Michael alleged that he had been swindled of $87 million by Abayomi Segun Oluwasesan.
While Oluwasesan admitted to fraudulent dealings, he contested the amount involved. Suspicion deepened when Michael transferred the recovered assets into his personal account instead of returning them to AAS investors, raising major red flags.
Despite multiple requests from law enforcement, Michael failed to provide any credible proof of legitimate trading activities, a repayment plan for investors, or verifiable medical records for a surgery he claimed had hindered AAS operations.
“His excuses, particularly about his alleged health issues, failed to convince authorities. Instead, they only reinforced suspicions about his true intentions,” the police stated.
Jesam Michael’s U.S. Crypto Fraud Scandal
This is not Michael’s first brush with the law. Sahara Reporters obtained exclusive documents revealing that he previously operated a fraudulent cryptocurrency scheme in the United States under the name Cryptos OTC Trading Platform Limited (COTP).
In May 2022, COTP ceased investor withdrawals, claiming “technical issues.” Shortly after, the platform completely shut down its website, leaving investors stranded.
California Declares Michael’s Crypto Scheme a Ponzi Scam
The State of California officially classified COTP as a fraudulent Ponzi scheme and ordered its shutdown for violating securities laws.
According to Clothilde V. Hewlett, Commissioner of Financial Protection and Innovation, COTP lured investors by promising a daily 3% return, using a pyramid-style referral program to attract new victims.
> “COTP operated as a High Yield Investment Program (HYIP)—a classic Ponzi scam where early investors are paid with funds from new victims,” the Commissioner stated.
Despite multiple warnings and regulatory actions, Michael continued his fraudulent activities, eventually shifting operations to Nigeria under AAS, where he allegedly executed an even larger crypto fraud scheme.
The revelations surrounding Jesam Michael’s fraudulent empire and the Nigerian police hierarchy’s apparent complicity expose deep-rooted corruption within law enforcement agencies.
With millions of dollars stolen, investors devastated, and justice seemingly obstructed, the question remains: Will Jesam Michael face the full weight of the law, or will Nigeria’s compromised police system allow him to walk free once again?
D-R-Cryptos-OTC-Trading-Platform-Limited.pdf
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