The Economic and Financial Crimes Commission (EFCC) has successfully secured the conviction of Benjamin Ikaa, who was arraigned before Justice Emeka Nwite of the Federal High Court in Abuja.
Ikaa was sentenced to five years imprisonment for his involvement in a $1.6 million cryptocurrency fraud.
According to a statement shared on the EFCC’s Facebook page, Ikaa pleaded guilty to a one-count charge.
The prosecuting counsel, Aso Larrys Peter, requested the court to convict him as charged.
In response, the defense counsel, Abel Adaji, appealed for leniency, citing the convict’s remorsefulness and first-time offender status.
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Justice Nwite ultimately convicted and sentenced Ikaa to five years imprisonment, with an option of a fine of N5,000,000.
Additionally, Ikaa forfeited an iPhone 13 and a 2013 model Toyota Avalon car to the Federal government.
The $11,000 recovered from him will be returned to his victims. Ikaa also provided a written undertaking to refrain from engaging in cybercrime in the future.
Ikaa’s arrest by the EFCC was related to his operation of a fraudulent cryptocurrency investment website, where he promised significant returns on investment.
This scheme resulted in his victims incurring a loss of 26 bitcoins as of February 2023.
The victims hailed from South Africa, Norway, the United Kingdom, and Barbados. Confronted with evidence of his fraudulent activities, Ikaa confessed and was subsequently prosecuted and convicted.
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