Justice W.I. Aziegbemhin of the Edo State High Court in Benin City has convicted and sentenced Osamudiamen Philip Ikilo to two years imprisonment for a $19,400 Bitcoin fraud.
The conviction was disclosed in a statement issued by the Economic and Financial Crimes Commission (EFCC), which confirmed that the defendant was arraigned on a one-count charge of stealing and later found guilty by the court.
According to the anti-graft agency, the case followed a petition alleging that the convict fraudulently converted Bitcoin valued at $19,400 belonging to one Cynthia Imade Alile.
The charge reads, “That you Osamudiamen Philip Ikilo (m) sometime in March 2024 within the jurisdiction of this Honourable Court did steal Bitcoin worth the sum of $19,400 (Nineteen thousand, four Hundred United States Dollars) belonging to one Cynthia Imade Alile by fraudulently converting the said sum to your own use, and thereby committed an offence contrary to Section 287 of the Criminal Law of Edo State Law 2022 and punishable under Section 294 of the same Law.”
The defendant pleaded not guilty when the charge was read to him, leading to a full trial.
During proceedings, EFCC prosecutor A. S. Bala-Ribah presented two witnesses and tendered documentary evidence, all of which were admitted by the court, while the defendant also called two witnesses, including himself.
In his judgment, Justice Aziegbemhin found Ikilo guilty and sentenced him to two years imprisonment without an option of fine.
The EFCC stated that the offence originated when the convict offered to assist the victim in converting her 0.52092582 Bitcoin but failed to remit the proceeds, instead diverting the funds for personal use.
