A Borno State High Court sitting in Maiduguri on Wednesday sentenced one Bukar Ahmed Shuwa to 10 years imprisonment for cheating involving N2.95 million in a cryptocurrency investment scam.
The presiding judge, Justice Aisha Kumaliya, convicted Shuwa after he pleaded guilty to a one-count amended charge filed by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission (Economic and Financial Crimes Commission).
The charge bordered on cheating, contrary to Sections 309 and 310 of the Penal Code Law and Other Matters Connected Therewith Law, 2023.
The prosecution told the court that the convict, sometime in 2024 in Maiduguri, fraudulently induced one Mahmud Ali to deliver the sum of N2,950,000 under the guise of investing in a “Crypto Bitget Wallet Coin Investment” scheme, but diverted the funds for personal use.
Following his guilty plea, prosecution counsel, A.D. Abdulmalik, urged the court to convict and sentence the defendant accordingly.
Counsel to the defendant, H. Basharu, however, pleaded for leniency, urging the court to temper justice with mercy on the ground that the convict had refunded the money to the complainant and sought a fine option instead of custodial sentence.
Delivering judgment, Justice Kumaliya sentenced Shuwa to 10 years imprisonment with an option of a N200,000 fine.
The court held that the conviction followed the defendant’s admission of guilt and the evidence presented before it.
The case highlights the growing incidence of cryptocurrency-related fraud cases in the country, with law enforcement agencies intensifying efforts to curb online investment scams.
