Forex trader bags two years jail for N20m theft

Sam Adeniyi
Sam Adeniyi

A forex trader identified as Shola Henry was sentenced to two years imprisonment on Tuesday by the Domestic Violence and Sexual Offences Court, Ikeja, Lagos State, for N20m theft.

The Economic and Financial Crimes Commission had arrested the convict after it received a petition from a businessman, Anyasi Matthew, who claimed that Henry defrauded him of the sum of N20m in the guise of investing the money in forex with 20 per cent profit in 30 days, Punch Metro reports.

The defendant was subsequently arraigned on August 8, 2020, on amended six counts bordering on obtaining false pretences and stealing contrary to Section 1 (3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and Section 285 of the Criminal Law of Lagos State, 2011.

He pleaded not guilty to the charges.

During the court sitting, the prosecution team, led by Ahmed Yerima, called five witnesses through whom documentary evidence was tendered against Henry and his company.

The petitioner, who testified as to the first prosecution witness, told the court that he met the defendant through a friend, Godwin Umoru, who told him that the defendant could help him make mouth-watering returns on his investment.

Matthew said a sum of N1m was initially transferred to the defendant’s account “just to find out if it was genuine,” and he received returns from Henry.

The petitioner said he transacted with the defendant about six to seven times.

Matthew said the defendant gave him returns on the money as promised, but after he increased the investment to N5m and later N20m, the defendant stopped giving returns.

Henry, while defending himself, stated that he was into cryptocurrency as a middle man, adding that the scheme crashed in 2018.

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