JUST IN: Court Jails Fake Bureau De Change Operator 2 Years for $169,350 Scam

Justice E. A. Obile of the Federal High Court sitting in Port Harcourt, Rivers State, has convicted and sentenced Felix Chiwendu to two years imprisonment for illegally operating a bureau de change business without a requisite license.

Justice E A. Obile said the offence contravened Section 57 (1) of the Banks and other Financial Institutions Act, 2020 and is punishable under Section 57 (5) (b) (i) (ii) & (iii) of the same Act.

Chiwendu was jailed after he pleaded ‘guilty’ to a one-count charge of obtaining under false pretenses, brought against him by the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC).

A statement by the Head, Media and Publicity of the Economic and Financial Crimes Commission, Wilson Uwajaren, said the prosecution counsel, E. K. Ebipade prayed the court to convict and sentence the defendant accordingly.

Counsel to the defendant, C. S. Nwankwo prayed the court to temper justice with mercy in sentencing the defendant. He also stressed that the defendant was a first-time offender, with no previous criminal record.

Justice Obile convicted and sentenced the defendant to two years in the correctional service or N1million as fine and ordered him to depose to an affidavit of good behaviour before the court.

Chiwendu started his journey to the correctional centre, when a case of illegal operation of a bureau de change business without a requisite license and obtaining money from his victims under false pretences, was reported to the EFCC.

The complainant alleged that sometime in February 2016, he engaged the services of the convict to remit $300,000.00, an equivalent of N95,400,000.00 at an exchange rate of N318 per Dollar, for the purchase of aluminium coil. However, the convict transferred only $130,650 (Naira equivalent of N41,546,700 only) to his Chinese counterpart, leaving a balance of $169,350, an equivalent N53,853,300 only.

Investigations revealed that the convict did not have any license from any financial authority to carry out banking services. However, all efforts by the victim to get back his money from the convict proved abortive.