The federal High Court in Abuja has sentenced one Benjamin Ikaa to five years imprisonment for his involvement in a $1.6 million cryptocurrency fraud.
Justice Emeka Nwite found Ikaa guilty of 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 in your website, mchaeveycapital.com about cryptocurrency investment to a Monica Garcia upon which she relied and suffered financial loss in the sum of $120,000.00 (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.”
Following his plea, the prosecuting counsel, Aso Larrys Peter, requested the court convict him as charged. In contrast, the defence counsel, Abel Adaji, asked the court to show mercy, arguing that Ikaa was remorseful and a first-time offender.
Justice Nwite sentenced him to five years in prison, with the option of a N5,000,000 (five million naira only) fine.
He was ordered to forfeit an iPhone 13 and a Toyota Avalon car, and the $11,000 recovered from him will be returned to his victims. Ikaa pledged to abstain from cybercrime in the future.
His downfall began when the EFCC arrested him for operating a fraudulent cryptocurrency investment website, leading to significant losses for victims across several countries. Upon being confronted, he confessed to his crimes and was subsequently convicted.