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, Abuja. Ikaa was sentenced to five years imprisonment for his involvement in a $1.6 million cryptocurrency fraud.
According to the EFCC’s statement, Ikaa pleaded guilty to a one-count charge. Prosecuting counsel Aso Larrys Peter urged the court to convict him as charged, while the defense counsel, Abel Adaji, appealed for leniency, highlighting Ikaa’s remorsefulness and first-time offender status in court
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 abstain from cybercrime in the future.
Ikaa’s fraudulent activities involved operating a fictitious cryptocurrency investment website, promising high returns on investment. His unsuspecting victims, hailing from South Africa, Norway, the United Kingdom, and Barbados, incurred a loss of 26 bitcoins as of February 2023.
Upon arrest, Ikaa admitted to the fraudulent dealings, leading to his prosecution and subsequent conviction. The case highlights the efforts of law enforcement agencies in combating cybercrime, particularly in the realm of cryptocurrency fraud.