Court Jails Man for $30,000 Investment Fraud in Lagos

Justice O.O. Abike-Fadipe of the Special Offences Court in Ikeja, Lagos, has handed down a verdict that serves as a warning to those involved in fraudulent cryptocurrency activities. The court convicted and sentenced Gabriel Ohaohakara to one year in prison for his involvement in a $30,000 cryptocurrency investment fraud scheme.

Ohaohakara’s elaborate scam involved the creation of a fictitious investment website, “britishtradelimited.com,” and a corresponding Telegram channel. These platforms were used to lure unsuspecting victims into his web of deceit.

On Thursday, October 12, 2023, Gabriel Ohaohakara was brought before the court, having pled guilty to a one-count charge of cryptocurrency fraud. The Economic and Financial Crimes Commission (EFCC) from the Lagos Zonal Command presented the case.

The charge read: “That you, IHEOHAKARA GABRIEL, on or about the 24th November, 2022 in Lagos, within the Judicial Division of this Honourable Court, with intent to defraud, had in your possession a document containing ‘Crypto Currency Fraud Activity’ and other related documents for an online fraudulent activity which you knew to be false.” This offense is in violation of Sections 6, 8 (b), and 1 (3) of the Advance Fee Fraud Act.

Upon the reading of the charge, Ohaohakara entered a plea of “guilty.” The prosecution counsel, Akhanolu Ikhuoria Godsent, then requested the court to proceed with conviction and sentencing.

Justice Abike-Fadipe delivered the verdict on Thursday, October 12, 2023. Gabriel Ohaohakara was convicted and sentenced to one year in prison. Additionally, the court provided him with an option of a fine of N1,000,000 (One Million Naira only) and 1000 hours of community service.

In an act of justice, the judge also ruled that the iPhone 13 Pro Max confiscated from Ohaohakara would be forfeited to the Federal Government of Nigeria. Furthermore, the sum of $30,000, which was obtained through fraudulent means, would be restituted to the victim.

Ohaohakara’s criminal journey commenced when he set up a fake investment website, “britishtradelimited.com,” and a corresponding Telegram channel, “British Trade Limited.” Investigative efforts revealed that a group of fraudsters, operating under the guise of “British Trade Limited,” reached out to Adilio Pizzolo, a Brazilian citizen, in August 2021. They enticed Pizzolo with a fraudulent investment opportunity.

Subsequently, Pizzolo, who would become the victim in this case, created an account on “British Trade Limited” and an account with the Brazilian bitcoin broker, “Foxbit,” allowing him to convert Brazilian Reals into bitcoin.

In a live chat session integrated into the deceptive “British Trade Limited” website, Pizzolo was coerced into depositing approximately $30,000 worth of bitcoins to an address provided by Ohaohakara. This unlawful act has now led to Ohaohakara’s conviction and sentencing, serving as a reminder that cryptocurrency fraud will not go unpunished in Nigeria’s legal system.