Court Jails Man For Fraud, Orders Asset Forfeiture

Justice Dehinde Dipeolu of the Federal High Court in Lagos has convicted and sentenced an internet fraudster, Emmanuel Aitanu, to five years in prison for money laundering and cybercrime.
Justice Dipeolu handed down the verdict after he convicted Aitanu of the six-count criminal charge brought against him by the Economic and Financial Crimes Commission (EFCC).

The EFCC accused the convict of using the proceedings of his cybercrime to launder $42,000, N37 million, cryptocurrency, and real estate acquired from the proceeds of.

The EFCC prosecutor, Bilkisu Buhari-Bala, had earlier told the judge that Aitanu, alongside one Peter Cruz and others still at large, conspired in 2017 to fraudulently reroute funds into a fake account named “DLP Designs East Coast,” which was held at Citibank.

Buhari-Bala also claimed that the convict later retained the criminal proceeds in cryptocurrency and Nigerian bank accounts and used a portion of the funds to purchase luxury vehicles and real estate in Lagos.

She also informed the court that the convict retained 265.8269 BTC in a crypto wallet, holding N20 million in a Zenith Bank account, and buying a white 2015 Mercedes-Benz valued at N17 million.

The prosecutor further stated that the convict acquired a plot of land in Ineh Oil, Ikota Village (Ojomu Chieftaincy Family Land) in the Eti-Osa Local Government Area, and purchased a grey Toyota Corolla.

Buhari-Bala maintained that the offences violated Sections 18(2)(a) and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and Sections 27 and 36 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.

In his ruling, Justice Dipeolu sentenced Aitanu to five years in prison and ordered the $42,000, the plot of land at Ikota Village, the white Mercedes Benz, and the grey Toyota Corolla be forfeited to the federal government.

She also ordered the cryptocurrency and funds traced to the convict’s accounts be forfeited.