The Oyo State High Court has sentenced an investment fraudster Amos Olaniyan to 75 years in prison for multiple investment fraud, having established that he swindled investors in his phoney “Crime Alert Security Network” over N1billion
Penpushing reports that a statement by the Economic and Financial Crimes Commission (EFCC), which arraigned him in court on a 35-count count charge bordering on obtaining by false pretence, on its official X handle, said Olaniyan was convicted alongside his firm, Detorrid Heritage Investment Limited.
The Economic and Financial Crimes Commission (EFCC) in the statement confirmed that Justice Bayo Taiwo, gave the sentence in Ibadan on Thursday, adding that the convict, who has three other cases ongoing before the Federal and State High Courts in Ibadan, was arraigned before the court on 14 December 2021 after his arrest by the anti-graft agency.
Penpushing further reports that the crimes commission said he was accused of swindling several individuals through fake investment ventures that led to the loss of money to the tune of over N1 billion by investors.
The statement explained that Olaniyan perpetrated his fraud by not paying the agreed “Return on Investment” to investors in his “Crime Alert Security Network”, a phoney security investment programme run by his firm.
Penpushing also reports that the Economic and Financial Crimes Commission (EFCC) said the offence is contrary to Section 1(1) (a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.
‘That you Olaniyan Gbenga Amos and Detorrid Heritage Investment Limited on or about the 20th of February, 2020, at Ibadan, within the jurisdiction of this honourable court, with intent to defraud obtained the sum of N1,540,000 (One million, Five Hundred and Forty Thousand only) from Akinlabi Qasim Dada, when you falsely represented to him that the money was meant for registration and investment with Crime Alert Security Network with a promise of 30% return on investment in six weeks (30 working days), which representation you knew to be false and thereby committed an offence of obtaining money under false pretence contrary to Section 1(1) (a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006’, count 35 of the charge reads
‘That you OLANIYAN GBENGA AMOS and DETORRID HERITAGE INVESTMENT LIMITED on or about 27th of August, 2020, at Ibadan, within the jurisdiction of this Honourable Court, with intent to defraud obtained the sum of N170,000 (One Hundred and Seventy Thousand Naira) only from Alhaji Mukaila Odunayo, when you falsely represented to him that the money is meant for registration and investment with Crime Alert Security Network with a promise of 30% return on Investment in 6 weeks (30 working days), which representations you knew to be false and thereby committed an offence of obtaining money under false pretence contrary to Section 1(1) (a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006’, another charge reads
Penpushing reports that the defendant pleaded not guilty to the charges when they were read to him in court, while the counsel of the crimes commission Sanusi Galadanchi, given his pleas opened the prosecution’s case on 17 February 2022, called six witnesses and tendered eight exhibits before closing the case on 24 January.
The defendant at the end of the prosecution’s case filed a no case submission which was overruled by the court, consequently he opened and closed his case by calling three witnesses, and thereafter the judge reserved judgment in the matter till 14 December 2023
Penpushing further reports that on Thursday which was the judgement day the judge convicted and sentenced Olaniyan to 15 years imprisonment on each of five counts but discharged and acquitted him on 30 other counts.
Meanwhile, the court also ordered that the sentence run concurrently, which means that Olaniyan will stay only 15 years behind bars and that the defendant should also restitute the victims.
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