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Lagos Business Man In Court For N4.5 Million Bitcoin Investment Fraud.

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A Lagos based businessman has been charged with obtaining $11,062 (about N4.5 million) on the excuse of investing in bitcoin trade, was on Friday brought before an Ikeja Magistrates’ Court.

The defendant, Okiemute Kosin who resides at Ajangbadi, Lagos State, appeared before the Magistrate, Mrs O. A. Odubajo, on a three-count charge of conspiracy, obtaining money under false pretences and stealing.

The prosecutor, Sgt. Olasunkanmi Adejumola, told the court that the defendant and others at large committed the offences on Nov. 13 at Iyana-Ira, Lagos State.

He alleged that the defendant fraudulently obtained the sum from one Mr Sunday Egbayalo under false pretences of investing in bitcoin trading.

“The defendant presented a business proposal of online bitcoin trade to the complainant and persuaded him to invest.

“After the defendant collected the money from the complainant, he blocked his account and refused to pick up his calls.

“The complainant reported the case, and the defendant was arrested,” the prosecutor said.

The alleged offences violate Sections 287, 314 and 411 of the Criminal Law of Lagos State, 2015.

The News Agency of Nigeria (NAN) reports that Section 287 stipulates three years’ imprisonment for stealing while Section 314 prescribes 15 years’ jail term for obtaining money under false pretences.

The magistrate adjourned the case until Jan. 12, 2022 for mention.

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