They say timing is everything, but apparently, so is trust—especially when luxury watches and business deals are involved. Imagine spending a whopping $130,000 on a Richard Mille wristwatch, only to end up with empty hands and a lot of frustration. That’s precisely what happened when a business deal between two Nigerians went terribly wrong. Today, we’re breaking down how this luxury watch deal turned into an alleged scam.
The Alleged Scam:
In a recent case that’s making headlines, Adesolape Funmise Ogunba, a Nigerian businessman, was charged with defrauding by false pretence and criminal breach of trust after he allegedly received $130,000 from fellow businessman Ndiomyi Bassey for a Richard Mille wristwatch, which he never delivered. Ogunba, who had been living in Dubai at the time, struck the deal with Bassey but failed to follow through on his promise, leaving Bassey without his money—or his luxury timepiece.
How It Works:
- The Setup: Ogunba and Bassey, both Nigerian businessmen, agreed to conduct business together. Ogunba promised to sell Bassey a Richard Mille wristwatch, a highly sought-after luxury brand. Bassey handed over $130,000 in good faith.
- The Betrayal: Instead of delivering the promised watch, Ogunba reportedly kept the money. Attempts to reclaim the funds or receive the product fell on deaf ears, leading to Bassey filing charges.
- The Legal Battle: Ogunba has been charged with defrauding by false pretence and criminal breach of trust, and he’s currently pleading not guilty in an Accra Circuit Court.
Who’s Targeted:
Luxury scams often target individuals who can afford high-end products but are looking for a more convenient or private purchase. In this case, the scam targeted a businessman looking for a high-end Richard Mille watch, a brand that typically costs six figures. However, luxury scams can target anyone seeking premium goods, from watches to rare cars.
Real-Life Example:
This case is a stark reminder that even in business transactions between acquaintances or trusted colleagues, fraud can happen. Bassey, a businessman, was left out of $130,000 due to what he believed was a legitimate deal. Ogunba, on the other hand, is facing severe charges, including criminal breach of trust—a lesson to both sides about the importance of due diligence and trust in high-stakes transactions.
Why You Should Care:
Scams like these are more common than you think, especially in the world of luxury goods. What starts as a promising business deal can quickly become a nightmare, leaving victims with financial losses and emotional stress. Whether you're dealing in high-end watches or something more modest, it’s crucial to take steps to protect yourself. Losing $130,000 is bad enough, but what about the emotional toll of being deceived by someone you trusted?
How to Protect Yourself:
- Verify the Seller: Before making any large purchases, especially luxury items, make sure the seller is reputable. Check for credentials, references, or reviews.
- Insist on Escrow or Third-Party Payment Services: Using services that hold funds until the goods are delivered can protect you from fraud.
- Conduct Transactions in a Controlled Environment: Always meet in secure places, preferably with legal contracts in place, to ensure both parties are protected.
- Get Everything in Writing: A contract or receipt of the transaction is essential for proof in case things go wrong.
- Know Your Legal Options: If you feel you've been scammed, contact legal authorities immediately. Acting quickly can sometimes help recover losses.
Quick Tips:
- Did You Know?: Richard Mille watches are not only expensive but also highly collectible, with some models fetching over $2 million on the market. It's no wonder they attract scammers!
- Pro Tip: Never wire large sums of money without some form of legal protection in place—whether it’s a trusted escrow service or a formal contract.
Have you ever been involved in a business deal that didn’t go as planned, or know someone who has? Share your story with us and help others learn how to avoid falling into the same trap.
Stay Safe, Stay Informed!
Key Terms Defined:
- Defrauding by False Pretence: A form of fraud where someone deceives another person by making false claims in order to obtain money or goods.
- Criminal Breach of Trust: When someone entrusted with property or funds dishonestly uses or disposes of it in violation of that trust.
- Escrow Service: A third-party service that holds money during a transaction, only releasing it when both parties have fulfilled their obligations.
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