A 25-year-old man, Babatunde Shittu, has been sentenced to one year in jail for engaging in and benefiting from a $5,000 cryptocurrency fraud scheme.
According to Daily Post, the Special Offences Court in Ikeja, Lagos State, handed down the sentence on Wednesday.
Shittu had falsely portrayed himself as a cryptocurrency investor and produced fraudulent documents to defraud members of the public.
It was also reported that he pleaded guilty to a one-count charge of cryptocurrency fraud brought against him by the Economic and Financial Crimes Commission
Justice Olubunmi Abike-Fadipe convicted and sentenced Shittu, offering him an alternative of paying a N500,000 fine and performing 40 hours of community service.
In addition, the judge ordered the forfeiture of Shittu’s iPhone 12 Pro Max and a MacBook computer, both of which were recovered from him as proceeds of the fraudulent activities.
Although Shittu was a first-time offender, he expressed remorse for his actions and requested leniency, vowing to lead a better life.
Shittu’s defense counsel, Ms. Biola Adeyemi, pleaded for mercy on his behalf, highlighting his genuine remorse and commitment to exhibiting good behavior.
EFCC counsel, Mr. Abdullahi Gambuwa, urged the court to convict Shittu and impose an appropriate sentence.
Gambuwa explained that Shittu had admitted to benefiting from the $5,000 fraud and had provided a voluntary statement during the EFCC’s investigation.
The prosecution noted that Shittu had falsely presented himself as a cryptocurrency investor, thereby deceiving the public. The offense contravenes Section 1 of the Advance Fee Fraud Act of 2006.
