Two Convicted Over Cryptocurrency Fraud in Kano State

The Economic and Financial Crimes Commission today March 25, 2021, secured the conviction of Okungbowa Collins and Florence Omorodion before Justice Lewis Allagoa of the Federal High Court sitting in Kano on separate one count of obtaining money by false pretence.

They allegedly used their company, Binomo Investment to fraudulently obtain money from innocent victims under the pretext that Binomo is into the Cryptocurrency business.

One of the charges reads that ‘’ You Okungbowa Collins E. on or about November and December 2019 at Kano within the jurisdiction of the Federal High Court, did commit an unlawful act to wit; conducted series of financial transactions on behalf of one Osarunwense in the sum N420,000 (Four Hundred and Twenty Thousand Naira Only) which involved the proceeds of an unlawful activity of the said Osarunwense and you thereby committed an offence contrary to and punishable under section 17 (b) of the Economic and Financial Crimes Commission (Establishment) Act 2004.

The other charge reads that ‘’You Florence Omorodion on or about October and November 2019 at Kano within the jurisdiction of the Federal High Court, did commit an unlawful act to wit; conducted series of financial transactions on behalf of one Destiny Omorodion in the sum N218,000 (Two Hundred and Eighteen Thousand Naira Only) which involved the proceeds of an unlawful activity of the said Destiny Omorodion and you thereby committed an offence contrary to and punishable under section 17 (b) of the Economic and Financial Crimes Commission (Establishment) Act 2004”.

The defendants pleaded ‘’guilty’’ to the charges.

Prosecution counsel, Micheal Ojo asked the court to convict the defendants in line with their pleas.

Counsel for the defendants, Tohwo Oseruvwoja and Felix E. Nana both pleaded with the court to temper justice with mercy in sentencing the defendants.

Justice Allagoa subsequently convicted them and sentenced each to restitution of the total sum of monies in their respective charge.

Okungbowa Collins is to restitute the sum of N420,000, (Four Hundred and Twenty Thousand Naira Only) to his victims while Omorodion was ordered to restitute her victim the sum of N218,000 (Two Hundred and Eighteen Thousand Naira Only).

Both convicts were also sentenced to pay a fine of the sum of N50, 000 (Fifty Thousand Naira Only) each.