Man gets five years jail for $1.6m cryptocurrency fraud

The Economic and Financial Crimes Commission, EFCC, on Thursday, said it has secured the conviction and sentencing of one Benjamin Ikaa before Justice Emeka Nwite of the Federal High Court, Abuja.

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

In a post on its X handle, the anti-graft agency stated that Ikaa pleaded guilty to one-count amended charge involving a fraud of $120,000.00 in a fictitious cryptocurrency investment website.

According to the statement, the prosecuting counsel, Aso Larrys Peter, in his plea prayed the court to convict him as charged.

However, 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.

But delivering his judgement, Justice Nwite convicted and sentenced him to five years imprisonment with an option of a fine of N5 million.

He also forfeited an iPhone 13, a 2013 Toyota Avalon car to the Federal Government, while the $11,000 recovered from him would be returned to his victims.