Businessman docked for alleged $11,062 bitcoin fraud

A 30-year-old businessman, Okiemute Kosin, charged with obtaining $11,062 (about N4.5 million) on the pretext of investing in bitcoin trade, was on Friday brought before an Ikeja Magistrates' Court.

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

Kosin, however, denied committing the offences and was admitted to bail in the sum of N250,000 with two sureties in like sum.

Odubajo said that the sureties must be gainfully employed and show evidence of two years' tax payment to Lagos State Government.

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.