The Economic and Financial Crimes Commission (EFCC) has successfully obtained the conviction and sentencing of Benjamin Ikaa by Justice Emeka Nwite of the Federal High Court in Abuja. Ikaa has been sentenced to five years in prison for his participation in a $1.6 million cryptocurrency fraud.
According to a statement released by the anti-graft agency, Ikaa pleaded guilty to a one-count amended charge, which stated:
“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 on your website, www.mchaeveycapital.com, about cryptocurrency investment to a Monica Garcia upon which she relied and suffered a financial loss in the sum of $120,000.00 (One Hundred Twenty Thousand US Dollars only) and thereby committed an offence contrary to and punishable under Section 14(2) of the Cybercrime (Prohibition Prevention etc.) Act 2015.”
The statement further noted that, considering his plea, prosecuting counsel Aso Larrys Peter requested the court to convict him as charged. However, defense counsel Abel Adaji pleaded with the court to show mercy, emphasizing that the convict had expressed remorse and was a first-time offender.
Justice Nwite convicted and sentenced him to five years imprisonment with an option of a fine of N5,000,000 (Five Million Naira only). Ikaa also forfeited an iPhone 13 and a 2013 model Toyota Avalon car to the Federal government. The $11,000 recovered from him will be returned to his victims. He additionally provided a written undertaking to abstain from cybercrime in the future.
Ikaa's journey to the Correctional Centre began with his arrest by the EFCC for operating a fraudulent cryptocurrency investment website, www.mcharveycapital.com, where he promised lucrative returns on investment, resulting in his unsuspecting victims incurring a loss of 26 bitcoins as of February 2023. His victims hailed from South Africa, Norway, the United Kingdom, and Barbados. When confronted with the evidence of his fraudulent activities, he admitted to them and was subsequently prosecuted and convicted.
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