Crypto Investment Scam: Court Convicts Man For Creating Fake Website To Defraud Victims

The Special Offences Court sitting in Ikeja, Lagos, presided by Justice O.O. Abike-Fadipe has sentenced Gabriel Ohaohakara to one year imprisonment for $30,000 crypto investment fraud.

According to EFCC, the convict perpetrated the scam by creating a fake investment website, britishtradelimited.com, and a telegram channel to defraud victims.

Ohaohakara’s journey to prison began when investigation by EFCC revealed that a syndicate of fraudsters, sometime in August 2021, sent a message on Telegram with the pseudo name, British Trade Limited, to one Adilio Pizzolo, a Brazilian, offering an investment opportunity in British Trade Limited.

It was further revealed that Pizolo, who later became the victim, had created an account on British Trade Limited as well as an account in a Brazilian bitcoin broker called “Foxbit” through which he was able to convert Brazilian Reals to bitcoin.

EFCC said Pizolo deposited approximately $30,000 worth of bitcoins to an address provided by the suspect during a live chat that was integrated on the fictitious ‘British Trade Limited’ website.

After his arrest, he was arraigned on one-count charge bordering on crypto currency fraud. He pleaded “guilty” to the charge when it was read to him.

The charge against him reads: “That you, IHEOHAKARA GABRIEL, on or about the 24th November, 2022 in Lagos, within the Judicial Division of this Honourable Court, with intent to defraud, had in your possession document containing “CryptoCurrency Fraud Activity” and other related documents for an online fraudulent activity which you knew to be false.” The offence is contrary to Sections 6, 8 (b) and 1 (3) of the Advance Fee Fraud.

Following his guilty plea, the prosecution counsel, Akhanolu Ikhuoria Godsent, prayed the court to convict and sentence him accordingly.

Delivering judgement, Abike-Fadipe convicted him and sentenced him to one year imprisonment, with an option of fine of N1,000, 000.

The Judge also ordered that the iPhone 13 pro max recovered from him be forfeited to the Federal Government of Nigeria, while the sum of $30000 be restituted to the victim.