Nigeria: Funding Fraudster Baggage 75 Years in Jail for Swindling Traders Over N1 Billion

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Amos Olaniyan swindled buyers in his phoney “Crime Alert Safety Community” over one billion naira

The Oyo State Excessive Courtroom has sentenced one Amos Olaniyan to 75 years in jail for a number of funding fraud.

A decide, Bayo Taiwo, gave the sentence in Ibadan on Thursday.

Based on a press release by the Financial and Monetary Crimes Fee (EFCC), on its official X deal with, Mr Olaniyan was convicted alongside his agency, Detorrid Heritage Funding Restricted.

They have been prosecuted by the Ibadan zonal command of the EFCC on a 35-count rely cost bordering on acquiring by false pretence.

Based on the EFCC, the convict, who has three different instances ongoing earlier than the federal and state excessive courts in Ibadan, was arraigned earlier than Mr Taiwo on 14 December 2021 after his arrest by the anti-graft company.

He was accused of swindling a number of people by pretend funding ventures that led to the lack of cash to the tune of over N1 billion by buyers.

Mr Olaniyan perpetrated his fraud by not paying the agreed “Return on Funding” to buyers in his “Crime Alert Safety Community”, a phoney safety funding programme run by his agency.

The offence, the EFCC mentioned, is opposite to Part 1(1) (a) and punishable underneath Part 1(3) of the Advance Price Fraud and Different Fraud Associated Offences Act 2006.

“Rely 35 of the cost reads: “That you simply Olaniyan Gbenga Amos and Detorrid Heritage Funding Restricted on or concerning the twentieth of February, 2020, at Ibadan, inside the jurisdiction of this honourable court docket, with intent to defraud obtained the sum of N1,540,000 (A million, 5 Hundred and Forty Thousand solely) from Akinlabi Qasim Dada, while you falsely represented to him that the cash was meant for registration and funding with Crime Alert Safety Community with a promise of 30% return on funding in six weeks (30 working days), which illustration you knew to be false and thereby dedicated an offence of acquiring cash underneath false pretence opposite to Part 1(1) (a) and punishable underneath Part 1(3) of the Advance Price Fraud and Different Fraud Associated Offences Act 2006.”

One other Cost reads: “That you simply OLANIYAN GBENGA AMOS and DETORRID HERITAGE INVESTMENT LIMITED on or about twenty seventh of August, 2020, at Ibadan, inside the jurisdiction of this Honourable Courtroom, with intent to defraud obtained the sum of N170,000 (One Hundred and Seventy Thousand Naira) solely from Alhaji Mukaila Odunayo, while you falsely represented to him that the cash is supposed for registration and funding with Crime Alert Safety Community with a promise of 30% return on Funding in 6 weeks (30 working days), which representations you knew to be false and thereby dedicated an offence of acquiring cash underneath false pretence opposite to Part 1(1) (a) and punishable underneath Part 1(3) of the Advance Price Fraud and Different Fraud Associated Offences Act 2006.”