The Borno State High Court in Maiduguri has sentenced a man, Bukar Ahmed Shuwa, to 10 years imprisonment for defrauding an investor of N2.95 million through a fake cryptocurrency investment scheme.
Justice Aisha Kumaliya handed down the sentence on Wednesday after Shuwa pleaded guilty to a one-count amended charge brought against him by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
According to the charge, the convict fraudulently obtained N2,950,000 from one Mahmud Ali in 2024 under the pretext of investing the funds in a Crypto Bitget Wallet Coin scheme. Investigators found that the investment offer was fraudulent and that the funds were diverted for personal use.
The charge stated that Shuwa induced the victim to part with the money through false representations, an offence punishable under the relevant provisions of the Penal Code Law and Other Matters Connected Therewith Law, 2023.
When the charge was read in court, the defendant admitted guilt.
Following the plea, EFCC prosecuting counsel, A.D. Abdulmalik, urged the court to convict and sentence the defendant accordingly.
Counsel to the defendant, H. Basharu, appealed for leniency, informing the court that his client had fully refunded the money to the victim. He further requested that the court consider imposing a fine instead of a custodial sentence.
In her judgment, Justice Kumaliya convicted Shuwa and sentenced him to 10 years imprisonment, with an option of a N200,000 fine.
The conviction followed an EFCC investigation which revealed that the defendant had collected the money from the victim under the guise of a cryptocurrency investment opportunity but failed to invest the funds as promised, instead converting them to personal use.
The anti-graft agency said the case highlights the growing risk of fraudulent investment schemes disguised as digital asset opportunities and reiterated its commitment to prosecuting financial crimes across the country.
