A Nigerian court found guilty and sentenced to one year in prison a man accused of defrauding an unsuspecting cryptocurrency investor. In its indictment, the prosecution stated that the man had violated Nigeria’s anti-fraud laws and should therefore be punished accordingly.
Fake Cryptocurrency Investment Scheme
A court in Nigeria has convicted a man accused of using a fictitious cryptocurrency platform to steal $680 from an unsuspecting investor, the report said. In its ruling, the Port Harcourt Economic and Financial Crime Commission (EFCC) Area Command said the man, Obu Ebibo, alias Kenneth Gibson, should serve one year in prison.
However, the court said the defendant had the option of paying a $1,180 (NZ$500,000) fine, which he could deposit into the government’s consolidated revenue account. According to PM News report which details the defendant’s alleged crimes, by committing the alleged crimes, Ebibo violated Nigeria’s anti-fraud laws.
“What are you, Obu Gabriel Ebibo (pseudonym Kenneth Gibson), on or about November 1, 2021, in Port Harcourt, within the jurisdiction of this Honorable Court, with intent to deceive, received the total amount of six hundred and eighty United States dollars (US $680.00) under the pretext that the money was intended to be invested in cryptocurrency, the pretext that you knew was false, and thereby committed an offense contrary to section 1(2) of the Advance Fee Fraud and Other Fraud Offenses Act, and is punishable by in accordance with section 1. (3) of the same Law,” reads the indictment of the accused.
Noting that Ebibo had pleaded guilty, the prosecution’s lawyer, identified only as FO Amama, reportedly asked the court to give the defendant an appropriate sentence. However, Ebibo’s lawyer argued that since his client accepted the charges against him, the court should show mercy to the first-time offender.
When sentencing, the judge reportedly ordered that the mobile device used by the perpetrator be confiscated to the state.
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