- A forex trader, Shola Henry has been sentenced to two years in jail for N20 million crypto theft in Nigeria
- An Ikeja Magistrate Court, presided over by Justice Olwatoyin Taiwo jailed Shola Henry for defrauding Anyasi Matthew the sum of N20 million
- The complainant pushed to petition the EFCC on the alleged fraud due to the failure of the defendant to refund the money.
A man who trades in forex has been jailed in Nigeria over a N20 million crypto theft.
An Ikeja magistrate court sentenced Shola Henry to two years in jail on Tuesday, June 7, 2022, and found him guilty of the three charges. The court was presided over by Justice Oluwatoyin Taiwo.
Henry was being prosecuted by the Economic and Financial Crimes Commission (EFCC) with his company, Henry Enterprises on eight-count amended charges that border on stealing money under false pretence.
Anyasi states reason for petitioning EFCC
The EFCC got a petition from one Anyasi Matthew which alleged that Henry had defrauded him of the sum of N20 million, saying it will be invested in forex and cryptocurrency to give him a 2o per cent return within 30 days.
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A Lawyer for the EFCC told the court that after taking the money, Henry stopped remitting returns to the complainant and also refused to give him his initial investment as promised.
The complainant pushed to petition the EFCC on the alleged fraud due to the failure of the defendant to refund the money.
Crypto industry, a Ponzi scheme, Judge says
Justice Taiwo held that the crypto industry is nothing but a Ponzi scheme.
The prosecution proved the charge against the defendant and was found guilty as charged.
However, the judge discharged and acquitted the convict on counts one to five as the allegation of obtaining money under false pretence was not proved by the prosecution.
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