By Uche Amunike
Crypto billionaire and tech entrepreneur, Kingsley Inegbedion, has been arrested by the Federal Burial of Investigation (FBI) for his alleged involvement in fraudulent schemes that made him and an accomplice, Efemena Igbe claim to be real business owners to defraud American citizens between April 2020 and May 2023.
According to a report by the Punch Newspaper, both men used fake corporate entities to receive fraudulent funds paid into other accounts within and outside the United States to conceal the fraud.
The FBI, in a statement, posited that it had been seeking restitution of funds and forfeiture of property obtained through the fraud scheme allegedly perpetuated by Kingsley Igbinedion and Efemena Igbe, who allegedly used the stolen funds to buy cashiers checks and withdraw cash from various bank accounts.
The statement partly read: ‘Upon conviction of the offences alleged in counts one through 16 of this indictment, the defendants, Efemena Igbe and Kingsley Inegbedion, shall forfeit to the United States of America, pursuant to Title 18, United States Code, Section 982(a)(1), any property, real or personal, involved in such offence, and any property traceable to such property including, but not limited to, a money judgment, that is, a sum of money in United States currency representing the amount of property involved in the offence.’
It was after the grand jury returned the indictment that Inegbedion was taken into custody.
Relatively, the Nigerian Police Force confirmed on Tuesday, that they have arrested self acclaimed crypto billionaire, Linus Williams, for terrorism funding, alleged fraud and noncompliance with regulatory frameworks in the country.
According to the Force Public Relations Officer, Muyiwa Adejobi, he stated on X.com, that they would conduct due diligence during the investigation involving Williams, who is the Chief Executive Officer of the Blord Group of Companies.
His post: ‘The FCID (NPF-NCCC) is currently investigating complaints lodged against BLORD GROUP, BLORD REAL ESTATE LTD, BLORD JETPAYE LIMITED, and BILLPOINT TECHNOLOGY.’
‘These offenses include allegations of cryptocurrency fraud, aiding Internet fraud, computer-related fraud, terrorism funding, and non-compliance with regulatory frameworks.’
‘We will do due diligence in our investigations. Our cyberspace in Nigeria must be safe and secure by all means. We are committed to achieving that.’
In recent times, Nigerians have been arrested, charged and jailed for criminal offenses that bothered on Internet scams, among others.
Recall the case of Ramon Abbas, popularly known as Hushpuppi, who was jailed for 11 years and three months by the United States District Court, after being convicted of laundering proceeds of a school financing scam, for cyber schemes and business email compromise.
His trial started after he was arrested in June 2020 in his hotel apartment in Dubai, United Arab Emirates. The judgment was delivered by Justice Otis Wright 11, thereby putting an end to his trial.
Speaking through a statement released by the Assistant Director in charge of the FBI’s Los Angeles office, Don Alway, he described Hushpuppi as ‘one of the most polific money launderers in the world.’
Recall also, that one of Hushpuppi’s associates, Olalekan Ponle, popularly known as Mr Woodberry, pleaded guilty to wire fraud and accepted to forfeit $8 million in proceeds of wire fraud, including luxury cars, and watches to the foreign government.
In a declaration submitted at the US District Court of the Northern District of Illinois Eastern Division, Woodberry pleaded guilty to count one of the indictments.
His plea agreement stated that he is required to refund the sum of $8 million which he fraudulently received from the seven companies that he scammed.
The document stated: ‘Defendant understands that by pleading guilty, he will subject to forfeiture to the United States all right, title, and interest that he has in any property constituting or derived from proceeds obtained, directly or indirectly, as a result of the offense.’
