Fraudster forfeits N40m Bitcoins, iPhones to FG

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A Federal High Court sitting in Lagos on Friday ordered the final forfeiture of 1.982, 022, 84 units of Bitcoin worth N40m, property of a suspected internet fraudster to the Federal Government.

He told the court that the items sought to be forfeited are reasonably suspected to be proceeds of illegal activity and that the court has the statutory powers under the provision of Section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006 to forfeit them.

He added that the said intelligence report was analysed, found worthy and assigned to his team for discreet investigation and report. The deponent also averred that the two phones were taken to the forensic laboratory where they were analysed and fraudulent documents were printed out from them, which he duly endorsed.

He further stated that when confronted with those facts, the suspect volunteered to make his extra-judicial statement under words of caution, wherein he confessed to being involved in internet fraud. After listening to the EFCC’s counsel, Justice Oweibo held, “The application is meritorious and the same ought to be granted, and it’s hereby granted.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

 

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