Court sentences 20-year-old man for cryptocurrency fraud

Federal High Court sitting in Makurdi, Benue state, has sentenced a 20-year-old man Victor Chinemerem Ogaraku, for cryptocurrency fraud.

The 20-year-old was prosecuted by the Economic and Financial Crimes Commission Makurdi Zonal Office on a one-count charge that borders on obtaining by false pretence before Justice Mobolaji Olajuwon of the court.

“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,” the charge read.

Ogaraku pleaded guilty to the charges. Prosecuting counsel, George Chia-Yakua, asked the court to convict him accordingly.

Justice Olajuwon sentenced the defendant to a fine of N50,000.00 (Fifty Thousand Naira) or six (6) months imprisonment.

The court also ordered the defendants to pay the sum of Two hundred and Fifty-seven Thousand Five Hundred Naira (N257,500.00) to his victim as restitution.