"He Owned up": Court Sends Young Man to 5 Years in Prison for $1.6m Crypto Fraud, EFCC Shares Photo

"He Owned up": Court Sends Young Man to 5 Years in Prison for $1.6m Crypto Fraud, EFCC Shares Photo

  • Benjamin Okenna Ikaa, a Nigerian cryptocurrency fraudster, has been sentenced to five years in prison for defrauding several people
  • Legit.ng learnt that Ikaa defrauded people from South Africa, Norway, the United Kingdom (UK), and Barbados
  • Although the thrust of the update from the EFCC is that Ikaa bagged a five-year prison sentence for the staggering $1.6 million fraud he committed, Legit.ng reports that he can be released after he pays a fine of N5 million

Legit.ng journalist, Ridwan Adeola Yusuf, has over 9 years of experience covering metro

Enugu, Enugu state - The Economic and Financial Crimes Commission (EFCC) has secured the conviction and sentencing of Benjamin Ikaa before Justice Emeka Nwite of the federal high court (FCH), Abuja.

Ikaa was sentenced to five years imprisonment for his alleged involvement in a staggering $1.6 million cryptocurrency fraud.

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EFCC/efcc news/Benjamin Ikaa
For illustration purposes only. Depicted person has no relationship to the events described in this material. Photo credit: SeventyFour
Source: Getty Images

Court jails fraudster for $1.6m cryptocurrency fraud

The anti-graft agency said Ikaa promised mouth-watering returns on investment, "resulting in his unsuspecting victims incurring a loss of 26 bitcoins as of February 2023".

The EFCC noted that the convict's victims are from the United Kingdom (UK), South Africa, Norway, and Barbados, adding that Ikaa owned up to his unlawful acts.

Ikaa pleaded guilty to a one-count amended charge, which reads:

“That you Benjamin Okenna Ikaa (Alias George; Gavrilovich; P Aleksandra; Aaron Grifin), Chidera Jonas (at large) and Ikaa Ejike Benjamin (at large) on or about 20th December, 2022 at Ugbowa Abakpa-Nike, Enugu, Enugu State, within the jurisdiction of this Honourable Court with intent to defraud, did send electronic messages which materially misrepresent facts in your website, www.mchaeveycapital.com about crypto currency investment to a Monica Garcia upon which she relied and suffered financial loss in the sum of $120,000.00 (One Hundred Twenty Thousand US Dollars only) and thereby committed an offence contrary to and punishable under Section 14(2) of the Cybercrime (Prohibition Prevention etc.) Act 2015.”

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Delivering judgement on his case, Justice Nwite convicted and sentenced the accused to five years imprisonment with an option of N5 million.

Ikaa also forfeited an iPhone 13, a Toyota Avalon 2013 model car to the Nigerian government.

Furthermore, the EFCC stated that the $11,000 recovered from him would be returned to his victims. He also wrote an undertaking to steer away from cybercrime henceforth.

See the EFCC's statement below and the convict's photograph as shared by the Commission:

EFCC arraigns couple for N2.7bn fraud

Earlier, Legit.ng reported that the EFCC Lagos state command brought charges against Oriyomi Idowu and Ruth Idowu.

The couple were charged before Justice Mojisola Dada at the special offences court in Ikeja.

The charges, totalling N2,757,188,000.00, include offences such as obtaining money through false pretence, money laundering, stealing, retaining stolen property, and forgery.

I lost N122m to 'Yahoo Boy', victim

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Legit.ng also reported that the EFCC continued the trial of Wilson Daphey, also known as Jeffrey Guiseppe.

Daphey's case was brought before Justice Mobolaji Olajuwon of the federal high court, Abuja.

EFCC nabs club owner, 21 others

Meanwhile, the EFCC has arrested Adepoju Olawale Sunday, alias SSG, owner of the De Rock Club in Ibadan and 21 others over alleged internet-related fraud.

The agency said the suspects were arrested at the club during an intelligence-driven operation.

Source: Legit.ng

Ridwan Adeola avatar

Ridwan Adeola (Current Affairs Editor) Ridwan Adeola Yusuf is a Current Affairs Editor at Legit.ng and a certified journalist with over 9 years of experience. He edited Politics Nigeria's articles, was the Acting Editor of AllNews Nigeria and Fact-Checking Researcher (Africa Check). He received his HND in Mass Communication from The Polytechnic Ibadan. He received a Certificate of Achievement (Journalism Clinic’s Fix The Leak masterclass, 2021) and also completed Google News Initiative's Advance digital reporting curriculum. Contact him at ridwan.adeola@corp.legit.ng.