Court Convicts 2 for Cryptocurrency Scam In Kano

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Justice Lewis Allagoa of the Federal High Court sitting in Kano on Thursday sentenced two individuals – Collins Okungbowa and Florence Omorodion – to pay a fine of N50,000 each for obtaining money by false pretense.

The Economic and Financial Crimes Commission (EFCC), which prosecuted the convicts, disclosed this in a statement on Thursday.

Okungbowa and Omorodion allegedly used their company, Binomo Investment, to fraudulently obtain money from innocent victims under the pretext that Binomo is into cryptocurrency business.

One of the charges read that, “You Okungbowa Collins E. on or about November and December, 2019 at Kano within the jurisdiction of the Federal High Court, did commit an unlawful act to wit; conducted series of financial transactions on behalf of one Osarunwense in the sum ofs N420,000 (Four Hundred and Twenty Thousand Naira Only) which in fact involved the proceeds of an unlawful activity of the said Osarunwense and you thereby committed an offense contrary to and punishable under section 17 (b) of the Economic and Financial Crimes Commission (Establishment) Act 2004.

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The other charge read that, “You Florence Omorodion on or about October and November, 2019 at Kano within the jurisdiction of the Federal High Court, did commit an unlawful act to wit; conducted series of financial transactions on behalf of one Destiny Omorodion in the sum N218,000 (Two Hundred and Eighteen Thousand Naira Only) which in fact involved the proceeds of an unlawful activity of the said Destiny Omorodion and you thereby committed an offense contrary to and punishable under section 17 (b) of the Economic and Financial Crimes Commission (Establishment) Act 2004”.

The defendants pleaded “guilty” to the charges.

Prosecution counsel, Micheal Ojo asked the court to convict the defendants in line with their pleas.

Counsel for the defendants, Tohwo Oseruvwoja and Felix E. Nnana both pleaded with court to temper justice with mercy in sentencing the defendants.

Justice Allagoa subsequently convicted them and sentenced each to restitution of the total sum of monies in their respective charge.

According to the court, Okungbowa is to restitute the sum of N420,000 to his victims while Omorodion was ordered to restitute her victim the sum of N218,000.

Both convicts were also sentenced to pay fine of N50, 000 each.

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