Fraudster Bags 5-Year Sentence For $1.6m Cryptocurrency Scam

Benjamin Ikaa, a cryptocurrency fraudster, has been sentenced to five years in prison for defrauding citizens from South Africa, Norway, the United Kingdom, and Barbados.

The Economic and Financial Crimes Commission (EFCC), in a statement confirming the sentencing, said Justice Emeka Nwite of the Federal High Court in Abuja sentenced Ikaa after he pleaded guilty to a one-count fraud charge.

“He was sentenced to five years imprisonment for his involvement in $1.6million cryptocurrency fraud.

“Ikaa pleaded guilty to a one-count amended charge, which read, “That you Benjamin Okenna Ikaa (Alias George; Gavrilovich; P Aleksandra; Aaron Grifin), Chidera Jonas (at large) and Ikaa Ejike Benjamin (at large) on or about 20th December 2022 at Ugbowa Abakpa-Nike, Enugu, Enugu State, within the jurisdiction of this Honourable Court with intent to defraud, did send electronic messages which materially misrepresent facts in your website, mchaeveycapital.com about cryptocurrency investment to a Monica Garcia upon which she relied and suffered financial loss in the sum of $120,000 and thereby committed an offence contrary to and punishable under Section 14(2) of the Cybercrime (Prohibition Prevention etc.) Act 2015.”

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“In view of his plea, prosecuting counsel, Aso Larrys Peter prayed the court to convict him as charged. However, defence counsel, Abel Adaji, pleaded with the court to temper justice with mercy, stating that the convict had become remorseful and was a first-time offender. Justice Nwite convicted and sentenced him to five years imprisonment with an option of a fine of N5m.

“Ikaa also forfeited an iPhone 13, a Toyota Avalon car, a 2013 model to the Federal government. The $11,000 recovered from him would be returned to his victims. He also wrote an undertaking to steer away from cybercrime henceforth”, the EFCC disclosed.