A Nigerian man has been sentenced to one year in prison after defrauding an American investor of $115,000 in a fake cryptocurrency deal.
Praise Humphrey Igbo, who also went by the name Jessica Allen, was convicted on December 11, 2024, by the Federal Capital Territory (FCT) High Court in Abuja.
The court found Igbo guilty of internet crime and criminal impersonation after he tricked an American, Aaron Bakker, into investing in a non-existent crypto opportunity.
Igbo was accused of using a false identity, pretending to be Jessica Allen, a successful cryptocurrency trader based in the United States.
Through this fraudulent scheme, Igbo convinced Bakker to send 5.26 Bitcoins, which at the time was worth $115,000, to a Blockchain.com account.
The fraud came to light when Bakker, realizing he had been scammed, reported the incident to the authorities.
The Economic and Financial Crimes Commission (EFCC) took up the case, investigating the fraudulent activities and tracing the illicit transaction back to Igbo.
The charge against him stated that he “cheated by pretending to be one Jessica Allen,” with the intention to defraud Bakker, and that he “fraudulently obtained 5.26 Bitcoins” through his deceptive methods.
The crime occurred in 2022 when Igbo targeted Bakker, who was hoping to profit from an alleged crypto investment opportunity.
When the case was brought before Justice H.L. Abba-Aliyu, Igbo pleaded guilty to the charge, acknowledging his role in the scam.
Prosecutor M.K. Hussain urged the court to impose a strict penalty for Igbo’s actions, given the scale of the fraud.
In her ruling, Justice Abba-Aliyu sentenced Igbo to one year in prison, with an alternative fine of one million Naira.
Additionally, the court ordered that the sum of $16,110 and $67,487.79 worth of cryptocurrency, recovered from Igbo, along with funds from his bank account, be used to compensate the victim.
The restitution is to be carried out through the American Embassy, ensuring Bakker receives part of his stolen funds.
Justice Abba-Aliyu’s decision was seen as a strong message against online fraud, particularly in the growing world of cryptocurrency.
“The crime you have committed is serious, and it has caused harm to an innocent victim,” the judge stated as she delivered the verdict.
Igbo’s conviction is a reminder of the increasing danger of online scams and the importance of vigilance in financial transactions, especially in the cryptocurrency market.
The EFCC has been working tirelessly to combat internet fraud and financial crimes in Nigeria, sending a strong signal that perpetrators will be held accountable.
For Bakker, the verdict is a small victory after losing a significant sum of money in the fraudulent crypto scheme.
Despite the restitution, many victims of similar scams may find it difficult to recover their stolen assets, as these crimes are often complex and involve multiple jurisdictions.
Igbo’s case has sparked discussions on the need for greater awareness and regulation of cryptocurrency investments to protect individuals from scams.
Experts suggest that the Nigerian government and international bodies must strengthen efforts to curb the growing trend of internet fraud, particularly those targeting unsuspecting investors in the crypto space.
While the sentence has been handed down, it is clear that internet fraud remains a major concern, with many more cases expected to surface in the coming years.
Igbo’s conviction highlights the growing trend of internet fraudsters using fake identities and digital currencies to target victims across the globe.