Commercial Law

20 year old man jailed for cryptocurrency fraud

A Federal High Court, Makurdi on Tuesday sentenced 20 year old Victor Chinemerem Ogaraku to six months imprisonment for obtaining N257.5k on the pretext of purchasing cryptocurrency.

The Economic and Financial Crimes Commission, (EFCC) Makurdi Zonal Office  arraigned Ogaraku before Justice Mobolaji Olajuwon on one count charge of 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 Two hundred and Fifty-seven Thousand Five Hundred Naira (N257,500.00) to  his victim as restitution.

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