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 1 yr 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 ought to be punished accordingly.

Faux Cryptocurrency Funding 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 Financial and Monetary Crimes Fee (EFCC) stated the person, Obu Ebibo, whose alias is Kenneth Gibson, should serve one yr in jail.

The court docket nevertheless stated the accused has an choice to pay a positive of $1,180 (N500,000) which he can deposit into the federal government’s consolidated income account. Based on a PM Information 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 just Obu Gabriel Ebibo (alias Kenneth Gibson) on or concerning the 1st November 2021, in Port Harcourt, throughout the jurisdiction of this Honourable Courtroom with intent to defraud obtained an combination sum of Six Hundred and Eighty United States {Dollars} ($680.00 USD) on the pretence that, the cash was meant for cryptocurrency funding, a pretext you knew to be false and thereby dedicated an offence opposite to Part 1 (2) of the Advance Charge Fraud and Different Fraud-Associated Offences Act 2006 and punishable underneath Part 1 (3) of the identical 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 condemn the accused accordingly. Nevertheless, Ebibo’s lawyer argued that since his consumer had accepted fees in opposition to him, the court docket ought to present mercy to the first-time offender.

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

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively concerning 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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