Moses Upkonahusi, an Abuja-based ‘crypto trader’, has been sentenced for defrauding Adam Murah, an Australian, of $5,576.

According to a statement by the Economic and Financial Crimes Commission (EFCC) on Friday, the Australian was promised a huge return on investment, but instead, he became a victim of a fraudulent investment scheme.

According to the EFCC, Upkonahusi created a fake investment website in December 2021 and subsequently posed as the CEO of Crypto Infinite Trade.

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He then obtained 0.11088059 bitcoin from the Australian. But rather than make profit, the investor recorded a loss.

Murad alerted the EFCC about the incident, and Upkonahusi was arrested on May 28, 2022.

The commission noted that Upkonahusi was arraigned before Justice Mohammed Zubair of the Federal Capital Territory (FCT) High Court and sentenced to one-year imprisonment with an option of N300,000 fine.

THE FULL STATEMENT:

The Economic and Financial Crimes Commission, EFCC, on Monday, March 27, 2023, secured the conviction of one Moses Upkonahusi for $5,576, (Five Thousand Five Hundred and Seventy-six United States Dollars) fraud.

He was first arraigned by the EFCC before Justice Mohammed Zubair of the Federal Capital Territory, FCT, High Court, Jikwoyi, Abuja, on a one count charge bordering on cheating by impersonation.

The count reads: “That you, Moses Ukponahusi, Male, sometime in December, 2021 at Abuja within the jurisdiction of this Honourable Court did cheat by personation when you fraudulently created a fake investment website named https://crytoinfinitrade.com, posed as chief Executive Officer of CRPTO INFINITE TRADE by which you obtained a total Bitcoin value of 0.11088059 worth the sum of Five Thousand, Four Hundred and Twenty Four Dollars, Twenty-nine Cents ($5,424.29USD) from Adam Murah, an Australian and you thereby committed an offence contrary to Section 321 of the Penal Code Act, LFN, 2004 and Punishable Under Section 324 of the Same Act.”

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He pleaded guilty to the charge.

The judge convicted the defendant and sentenced to one year imprisonment with an option of N300, 000(Three Hundred thousand Naira) fine.

The court also directed that the recovered sum ($5,576.9USD) be paid to the victim through the Australian High Commission in Nigeria.

The convict was arrested28 May, 2022 after an Australian, Adam Murad, petitioned the Commission, alleging that the he fell victim to a cryptocurrency investment fraud scheme that had promised him a huge return on investment but lost a cumulative sum of 0.1108859 BTC estimated to be worth $5,576.05, to the scammer in December, 2021.