Court jails man for cryptocurrency fraud in Benue

The Economic and Financial Crimes Commission (EFCC) says it has secured the conviction of one Victor Chinemerem Ogaraku for cryptocurrency fraud.

According to a statement issued by the commission on Tuesday, the 20-year-old was prosecuted by the Makurdi Zonal Office before Justice Mobolaji Olajuwon of the Federal High Court sitting in Makurdi, Benue State on one-count charge bordering on obtaining by false pretence.

The charge reads: “That you, Victor Chinemerem Ogaraku, sometime in November 2020, in Makurdi, within the jurisdiction of the Honourable Court, with intent to defraud, did obtain the aggregate sum of N257,500 from one Otokpa Joseph Orinya as payment for cryptocurrency, under the pretence that you have same for sale, which you knew was false and thereby committed an offence contrary to Section 1 (1)(a) and punishable under Section 1 (3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006″.

When the charge was read to him, the defendant pleaded ‘guilty’, prompting the prosecuting counsel, George Chia-Yakua, to ask the court to convict him accordingly.

Justice Olajuwon pronounced him guilty and subsequently convicted and sentenced him to a fine of N50, 000.00 (Fifty Thousand Naira) or six (6) months imprisonment.

He also ordered that the convict pay the sum of N257, 500.00 to his victim as restitution.