Man Gets Five Years Jail For $1.6m Cryptocurrency Fraud

The Economic and Financial Crimes Commission, EFCC, on Thursday, announced the successful conviction and sentencing of Benjamin Ikaa by Justice Emeka Nwite at the Federal High Court in Abuja.

The EFCC stated that he has been sentenced to five years in prison for his participation in a $1.6 million cryptocurrency fraud.

The anti-graft agency, in a post on its X handle, disclosed that Ikaa admitted guilt to a single-count amended charge, which pertained to a $120,000.00 fraud on a fictitious cryptocurrency investment website.

According to the statement, the prosecuting counsel, Aso Larrys Peter, in his plea prayed the court to convict him as charged

However, defense counsel Abel Adaji pleaded with the court to temper justice with mercy, asserting that the convict has shown remorse and is a first-time offender.

In delivering the verdict, Justice Nwite convicted and sentenced him to five years imprisonment with the option of a fine of N5 million.

He also forfeited an iPhone 13 and a 2013 Toyota Avalon car to the Federal Government, while the recovered $11,000 will be returned to his victims.

Kanyi Daily recalls that Lagos State Police Command had confirmed the arrest of Bashiru Ahmed on allegations of cutting off a friend’s ear.