- Lagos Court Jails Crypto Fraudster 9 Years For Money Laundering
- Ibeju-Lekki Property, Range Rover Forfeited
- Oriola pleaded guilty after the charges were read before the court
Justice Daniel Osiagor of the Federal High Court has sentenced Taofeek Daniel Oriola to nine years imprisonment over money laundering linked to fraudulent cryptocurrency activities.
Eko Hot Blog reports that the conviction followed his arraignment by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission on a three-count charge bordering on concealment of proceeds obtained from unlawful cryptocurrency transactions.
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According to the anti-graft agency, Oriola was accused of disguising assets allegedly acquired through fraudulent crypto dealings, including luxury property and vehicles.
One of the charges stated that the convict concealed the source of a 2014 Range Rover Supercharged believed to have been purchased with proceeds from illegal cryptocurrency transactions.
Another charge accused him of concealing ownership of a five-bedroom apartment with boys’ quarters located in the Ibeju-Agbe area of Ibeju-Lekki, Lagos, which investigators said was also linked to the illicit activities.
Oriola pleaded guilty after the charges were read before the court.
Following his plea, prosecution counsel H.U. Kofarnaiza presented evidence and reviewed the facts of the case before the court.
Delivering judgment, Justice Osiagor sentenced the defendant to three years imprisonment on each count, with the jail terms to run concurrently.
The court also offered the convict an option of N200,000 fine on each count and ordered him to carry out seven days of community service.
In addition, the court directed that all assets recovered from Oriola be forfeited to the Federal Government.
The forfeited items include the 2014 Range Rover, the five-bedroom apartment in Ibeju-Lekki, a parcel of land measuring 653.479 square metres in the same area and an iPhone 16.
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