The Federal High Court in Lagos has sentenced Emmanuel Aitanu to five years in prison for laundering proceeds of cybercrime through foreign currency, cryptocurrency, and real estate.
Trial judge Dehinde Dipeolu delivered the judgement on Friday, convicting Mr Aitanu on six counts filed by the Economic and Financial Crimes Commission (EFCC).
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Prosecution lawyer, Bilkisu Buhari-Bala, assisted by Zenat Atiku, told the court that Mr Aitanu, alongside Peter Cruz and others still at large, conspired in 2017 to fraudulently divert funds into a sham account, “DLP Designs East Coast,” domiciled at Citibank.
According to the EFCC, the proceeds were retained in cryptocurrency wallets and Nigerian bank accounts, and partly spent on luxury vehicles and landed property in Lagos.
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The counts against him included retaining 265.8269 BTC in a crypto wallet; retaining N20 million in a Zenith Bank account and purchasing a white 2015 Mercedes Benz C300 worth N17 million.
Others are acquiring a plot of land at Ineh Oil, Ikota Village (Ojomu Chieftaincy Family Land) in Eti-Osa Local Government Area and purchasing a grey Toyota Corolla with chassis number JTDBU4EE6AJ086693.
The offences contravened Sections 18(2)(a) and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, which prohibit breaking up large transactions to evade reporting thresholds and deliberately concealing financial information from authorities.
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They also breached Sections 27 and 36 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, which criminalises electronic fraud, identity theft, and the use of fraudulent websites, devices, or emails to defraud.
Mrs Dipeolu sentenced Mr Aitanu to five years’ imprisonment and ordered the forfeiture to the federal government of $42,000, the Ikota Village plot of land, the Mercedes Benz, the Toyota Corolla, as well as all cryptocurrency and funds traced to his accounts.
Not the first time
The conviction comes weeks after the Federal High Court in Lagos sentenced eight Chinese nationals to one year in prison each for cyberterrorism and internet fraud linked to a massive transnational cryptocurrency scam uncovered in December 2024.
The judge Chukwujekwu Aneke delivered the judgement after the convicts, Pan Cai Qi, Zeng Xian Tao, Weng Mao Rong, Wang Xiong Wei (a.k.a. Xiao Bai), Shi Dong Fu, Wang Shi Long, Liu Ke Fan, and Ting Liao, changed their pleas from “not guilty” to “guilty.”
According to EFCC spokesperson Dele Oyewale, the Chinese nationals were among 792 suspects arrested during a sting operation codenamed Eagle Flush on 19 December 2024 in Lagos.
PREMIUM TIMES reported that the syndicate, made up of foreign nationals and Nigerians, specialised in romance scams, identity theft, and cryptocurrency investment fraud.
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