A court has sentenced a fraudster to five years in prison for perpetrating a $1.6 million cryptocurr
The Economic and Financial Crimes Commission (EFCC) has successfully prosecuted Benjamin Ikaa, who appeared before Justice Emeka Nwite of the Federal High Court in Abuja. He has been sentenced to five years in prison for his role in a $1.6 million cryptocurrency fraud. The EFCC announced this development in a statement posted on its Facebook page on Thursday, revealing that Ikaa pleaded guilty to a one-count charge.
The statement mentioned, "The Economic and Financial Crimes Commission has successfully obtained the conviction and sentencing of Benjamin Ikaa by Justice Emeka Nwite of the Federal High Court, Abuja.
"With his plea considered, prosecuting counsel Aso Larrys Peter urged the court to convict him as charged.
"In response, defense counsel Abel Adaji appealed to the court for leniency, emphasizing the convict's remorsefulness and first-time offender status."
"Justice Nwite handed down a verdict, convicting and sentencing him to five years of imprisonment, with the alternative of a fine set at N5,000,000."
Ikaa additionally surrendered an iPhone 13 and a 2013 Toyota Avalon to the Federal government. The statement clarified that the $11,000 recovered from him would be returned to the victims. Furthermore, Ikaa committed to abstaining from cybercrime in the future.
Ikaa's path to the correctional center began with his arrest by the EFCC for operating a deceptive cryptocurrency investment website, promising lucrative returns. This resulted in unsuspecting victims from South Africa, Norway, the United Kingdom, and Barbados incurring a loss of 26 bitcoins as of February 2023. Confronted with evidence of his fraudulent activities, he admitted to the charges.
Subsequently, he was charged and found guilty.
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