Cryptocurrency Trader In Trouble Over N51.7m Deals
Justice Tijjani Ringim of the Federal High Court in Lagos has remanded in NCS custody a cryptocurrency trader, Temitope Longe over alleged N51,789,222 fraud.
The Lagos State Police charged Temitope Longe before a Federal High Court in Lagos with acquiring N51,789,222 through deception and fraud.
Longe appeared before Justice Tijjani Ringim for the alleged crimes committed by personnel of the Police Special Fraud Unit in Ikoyi, Lagos.
Mr Justin Enang, the PSFU’s prosecutor, informed the court that the cryptocurrency operator and others who are still at large committed the crimes in Lagos sometime in 2017.
Enang testified in court that the defendant got N25,894,711 from one Dr Abiodun Adefunrin under the false pretence of investing it in cryptocurrencies and FX trading.
Justin Enang also told the court that the defendant fraudulently got N25,894,711 in Francis Aremu’s property and transferred it to his personal use.
According to Enang, the offences committed violated Sections 8(a) and 1(1)a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and were penalised under Section 1(3).
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Justin Enang further informed the court that the offence violated and was penalised under Section 15(2)(b) of the Money Laundering (Prohibition) Act of 2011, as amended in 2012.
The defendant, on the other hand, pleaded not guilty to the charges levelled against him.
Following the defendant’s plea, the Justin Enang requested a trial date and requested that he be remanded in the custody of the Nigerian Correctional Services until the charges were resolved.
However, the defendant, through his attorney, appealed with the court to grant him release on the most lenient terms possible.
His attorney informed the court that his client was a first-time offender with bailable offences.
After hearing the counsels’ arguments, Justice Ringim admitted the defendant to bail in the sum of N20 million with two sureties in the same amount.
Ringim also specified that one of the sureties must be a public servant at or above Grade Level 14.
Justice Ringim ordered that the defendant be remanded in NCS custody until he can meet the bail conditions, and the case was adjourned until March 30, 2023, for trial.
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