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Man Bags 6-Month Jail Term For Cryptocurrency Fraud


BEVERLY HILLS, March 09, (THEWILL) – The Federal High Court, sitting in Makurdi, Benue State, on Tuesday convicted one Victor Chinemerem Ogaraku, for cryptocurrency fraud.

Ogaraku was arraigned by the State Zonal Office of the Economic and Financial Crimes Commission, EFCC, on charges of advance fee fraud.

“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 charges read.

Following the guilty plea to the charges, the prosecution counsel,George Chia-Yakua, urged the court to convict and sentence him accordingly.

Delivery judgement, Justice Mobolaji Olajuwon pronounced him guilty and subsequent sentenced him to six (6) months imprisonment with an option of N50,000.00 (Fifty Thousand Naira)

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