Woman docked for alleged N1.9m cryptocurrency business scam
A 37-year-old businesswoman, Eloho Oyinvbi, on Tuesday appeared in an Ikeja Magistrates’ Court for allegedly defrauding her business partner of N1.9 million in a phoney cryptocurrency deal.
The police charged Oyinvbi, who resides in Festac, Lagos, with two counts of obtaining money under false pretences and theft.
The prosecution counsel, Inspector Emmanuel Ajayi, told the court that the defendant committed the offence in May 2020 at Olusosun in Ojota, Lagos.
He alleged that the defendant fraudulently obtained N1.9 million from Michael Okome, to invest in Cryptocurrency, a representation she knew to be false.
“After seven months, the complainant did not get his capital nor the interest and all efforts made by the complainant to get his capital back failed,” he said.
The offence, the prosecutor said, contravened the provisions of sections 287 and 314 of the Criminal Law of Lagos State, 2015.
The defendant pleaded not guilty to the offence.
Section 287 prescribes three years’ jail term for stealing while section 314 attracts 15 years for obtaining money under false pretences.
Magistrate O. S. Odusanya admitted the defendant to bail in the sum of N500,000 with two sureties in like sum.
The matter was adjourned until January 11 for mention.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Education
Argentines protest budget cuts to public universities
The protestors are being joined by professors and students with their union leaders.
Sport
EPL: Everton hand Liverpool major upset in title race; Bruno Fernandes’ brace helps Man United return to winning ways
If City win the two games, they will go top of the table.
Heading 3
FRSC collaborates with judiciary for speedy trial of drivers involved in road crashes
“All drivers and vehicle owners who caused crashes on the roads would definitely face the wrath of the law.”
Africa
Tanzania shuts down five hydro stations to reduce excess power on national grid
This is the first time the country will be shutting its hydroelectric stations over excess production.
Abuja
Fuel Scarcity: Motorists lament as long queues resurface in FCT
They appealed to the federal government to resolve whatever the issues were.