Crypto Currency: EFCC Explains Meaning Of ‘Pig Butchering Scam’

The Economic and Financial Crimes Commission, has explained another type of internet scam known as “Pig butchering scam”.

According to EFCC, Pig butchering scam is a type of fraud in which criminals lure victims into digital relationships to build trust before convincing them to invest in cryptocurrency platforms.

The explanation was given by the commission in a court case presided by Justice Nicholas Oweibo of the Federal High Court sitting in Ikoyi, Lagos, on Friday, where one Lawrence Success Karinate, a Peer-to-Peer, P2P, crypto trader was convicted for computer-related fraud.

Karinate was prosecuted by the Lagos Zonal Command of the EFCC on one-count charge bordering on cybercrimes, an offence contrary to and punishable under Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015. He had pleaded guilty to the charges.

The count reads: “That you, Success Lawrence Karinate, sometime in 2023, within the jurisdiction of this Honourable Court, with intent to defraud, fraudulently held out yourself on social media platforms, as a female, bearing the name “Jessie Randall”, a fashion influencer, to unsuspecting members of the public, with intent to gain advantage for yourself and you thereby committed an offence, contrary to and punishable under Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015.”

After pleading guilty, counsel to the EFCC, Usman Abubakar Ahmad, called a witness, Taiwo Owolabi, an operative of the EFCC to review the facts of the matter.

According to Owolabi the defendant alongside others, were arrested in the Lekki area of Lagos State on May 26, 2023.

He said: “Upon his arrest, he was brought to the EFCC office where his iPhone and HP computer were analysed. Fraudulent documents were printed out from his devices, and he made restitution to the tune of N100,000. He was further interrogated and admitted to have engaged in a pig-butchering scam and benefitted the sum of $2000 from it.”

Usman therefore applied to tender in evidence the defendant’s extra-judicial statement, fraudulent documents printed out from his IPhone, laptop computer, as well as the management cheque issued by him.

The judge admitted them as exhibits A, B, C and C1, D and E respectively and convicted him as charged.

The Karinate on his part expressed regret for his involvement in the criminal activity and assured the court that he would never engage in internet fraud again.

His counsel, Chikezie Kingsley, prayed the court for mercy, stressing that the defendant was a first-term offender. Justice Oweibo sentenced him to a fine of N200,000.