Court jails fraudster five years for $1.6m cryptocurrency fraud

The Economic and Financial Crimes Commission has secured the conviction of one Benjamin Ikaa who was arraigned before Justice Emeka Nwite of the Federal High Court, Abuja.

He was sentenced to five years imprisonment for his involvement in $1.6million cryptocurrency fraud.

The commission disclosed this in a statement shared on its Facebook page on Thursday.

According to the statement, Ikaa pleaded guilty to  one-count charge.

The statement partly read, “The Economic and Financial Crimes Commission, has secured the conviction and sentencing of Benjamin Ikaa before Justice Emeka Nwite of the Federal High Court, Abuja.

“In view of his plea, prosecuting counsel, Aso Larrys Peter prayed the court to convict him as charged.

“The defence counsel, Abel Adaji, pleaded with the court to temper justice with mercy, stating that the convict has become remorseful and was a first -time offender.

“Justice Nwite convicted and sentenced him to five years imprisonment with an option of fine of N5,000, 000.”

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

The statement added that the $11,000 recovered from him would be returned to his victims.

He was also said to have written an undertaking to steer away from cybercrime henceforth.

Ikaa’s journey to the correctional centre began when he was arrested by the EFCC for operating a fictitious cryptocurrency investment website where he promised mouth-watering returns on investment, resulting in his unsuspecting victims incurring a loss of 26 bitcoins as at February 2023.

His victims are from South Africa, Norway, United Kingdom and Barbados.

When confronted with the facts of his fraudulent dealings, he owned up to them.

He was thereafter prosecuted and convicted.