Man bags 75-year jail in N1bn investment fraud
A notorious fraudster, Olaniyan Gbenga Amos, has been sentenced to 75 years in prison for multiple investment fraud by an Oyo State High Court sitting in Ibadan. Amos was convicted alongside his firm, Detorrid Heritage Investment Limited on a 35-count count charge preferred against them by the Ibadan Zonal Command of the Economic and Financial […]
A notorious fraudster, Olaniyan Gbenga Amos, has been sentenced to 75 years in prison for multiple investment fraud by an Oyo State High Court sitting in Ibadan.
Amos was convicted alongside his firm, Detorrid Heritage Investment Limited on a 35-count count charge preferred against them by the Ibadan Zonal Command of the Economic and Financial Crimes Commission (EFCC), bordering on obtaining by false pretences contrary to Section 1(1) (a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.
Amos was arrested and arraigned before Justice Bayo Taiwo on December 14, 2021, by the EFCC for swindling several individuals through fake investment ventures that led to the loss of money to the tune of over N1 billion by investors.
According to the charges filed against him in court, Amos deliberately reneged to meet up with the agreements he made with his investors, by not paying the agreed “Return on Investment” to those who invested in “Crime Alert Security Network”, a security investment programme under the umbrella of his firm.
The defendant pleaded “not guilty” to the charges when they were read to him at the beginning of the trial on 17 February 2022.
In view of his plea, EFCC counsel, Sanusi Galadanchi, opened the case on February 17, 2022, called six witnesses, tendered eight exhibits and closed the case on January 24, 2023.
At the end of the prosecution’s case, the defendant filed a “no case submission” which was overruled by the court. Consequently, the defendant opened and closed his case by calling three witnesses.
Justice Taiwo has reserved judgment in the matter till December 14, 2023.