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Nigerian Court Sentences Crypto Fraudster to One Year in Jail, Accused Given Option to Pay Fine – Bitcoin News

A Nigerian court docket has convicted and sentenced a person to one year in jail who’s accused of duping an unsuspecting cryptocurrency investor. On its cost sheet, the prosecution stated that the person had contravened Nigeria’s anti-fraud legal guidelines and therefore needs to be punished accordingly.

Fake Cryptocurrency Investment Scheme

A court docket in Nigeria has convicted a person accused of utilizing a bogus cryptocurrency platform to defraud $680 from an unsuspecting investor, a report has stated. In its ruling, the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) stated the person, Obu Ebibo, whose alias is Kenneth Gibson, should serve one year in jail.

The court docket nonetheless stated the accused has an possibility to pay a positive of $1,180 (N500,000) which he can deposit into the federal government’s consolidated income account. According to a PM News report that particulars the accused’s alleged crimes, by committing the alleged offenses, Ebibo was in contravention of Nigeria’s anti-fraud legal guidelines.

“That you Obu Gabriel Ebibo (alias Kenneth Gibson) on or about the 1st November 2021, in Port Harcourt, within the jurisdiction of this Honourable Court with intent to defraud obtained an aggregate sum of Six Hundred and Eighty United States Dollars ($680.00 USD) on the pretence that, the money was meant for cryptocurrency investment, a pretext you knew to be false and thereby committed an offence contrary to Section 1 (2) of the Advance Fee Fraud and Other Fraud-Related Offences Act 2006 and punishable under Section 1 (3) of the same Act,” the accused’s cost sheet states.

Noting that Ebibo had pleaded responsible, the prosecution counsel solely recognized as F.O. Amama is reported to have requested the court docket to sentence the accused accordingly. However, Ebibo’s lawyer argued that since his consumer had accepted prices in opposition to him, the court docket ought to present mercy to the first-time offender.

In handing down the sentence, the decide reportedly ordered that the cellular machine utilized by the offender be forfeited to the state.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively in regards to the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.

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