Forex theft; Trader sentenced to 2 years in prison for stealing N20 million cryptocurrency

On Tuesday, Justice Oluwatoyin Taiwo sentenced the convict named Shola Henry after finding him guilty of three of the charges proffered against him. He alongside his company, Henry Enterprises was prosecuted by the Economic and Financial Crimes Commission on eight count amendment charge bordering on stealing and obtaining money under false pretense.

A forex trader has been sentenced for two years in prison by Ikeja Special Offences Court for stealing N20 million cryptocurrency.

On Tuesday, Justice Oluwatoyin Taiwo sentenced the convict named Shola Henry after finding him guilty of three of the charges proffered against him. He alongside his company, Henry Enterprises was prosecuted by the Economic and Financial Crimes Commission (EFCC) on eight count amendment charge bordering on stealing and obtaining money under false pretense.

Mr Anyasi Matthew had sent a petition to the anti- graft agency alleging that the defendant had defrauded him of the sum of N20 million saying it will be invested in forex and cryptocurrency to give him a 20% profit in 30 days, an initial agreement which was not met. According to the EFCC to the court, after collecting the money the defendant stopped giving returns to the complainant and refused to return his capital as promised. The complainant was prompted to petition to the EFCC on the alleged fraud because of the failure of the defendant to refund the money.

•The presiding judge, Justice Taiwo held that the cryptocurrency business was nothing but a Ponzi scheme.

•“The prosecution, however, proved the charge of stealing against the defendant and he was found guilty as charged of count six.

•“The defendant is hereby sentenced to two years’ imprisonment or pay a fine of N2 million. His company is also fined N1 million.

•“The defendant is hereby given one year to make restitution of N20 million to his victim,” the judge held.

Due to lack proof by the prosecution on the count one to five as the allegation of obtaining money under false pretense, the judge discharged and acquitted the convict.

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