The EFCC has convicted Dennis Tamarakuro for defrauding a U.S. NGO of $71,795 through cryptocurrency.
He was sentenced to one year in prison with an option of ₦1 million fine.
The Economic and Financial Crimes Commission (EFCC) has secured the conviction of one Dennis Tamarakuro, also known as Keisha Reynolds, for defrauding a U.S.-based non-governmental organization of $71,795.41.
Tamarakuro was arraigned on Thursday before Justice Emeka Nwite of the Federal High Court in Maitama, Abuja, on a single count of cybercrime. He was accused of impersonating a U.S. private investor named Keisha Reynolds in December 2024 to obtain funds from a victim identified as Philbert through the cryptocurrency exchange, Bybit.
The charge stated that his actions violated Section 22(2)(b)(ii) of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024) and are punishable under Section 22(2)(b)(iv). Tamarakuro pleaded guilty to the offence.
Investigations, carried out with assistance from the Jackson Township Police Department in the United States, revealed that the fraud proceeds were laundered using Bybit and Busha exchanges. EFCC investigator Ogunjobi Olalekan told the court that Tamarakuro received 0.27 Bitcoin twice from an intermediary, Libson Junior, and later withdrew $18,000 through Busha.
The EFCC recovered over $42,000 in cryptocurrency, while Bybit and Busha blocked additional sums of $22,157.40 and $20,121.41. Justice Nwite ordered the forfeited funds returned to the victim.
After his guilty plea, Tamarakuro was sentenced to one year in prison with an option of paying a N1 million fine to the Federal Government. He was also directed to swear an affidavit of good conduct.
His defence lawyer, Laye Aeemokoya, pleaded for leniency, citing that he was a first-time offender caring for an elderly mother. However, the judge upheld the sentence.
The conviction comes a day after the EFCC arrested Gavice Logistics CEO, Ahamba Tochukwu, over an alleged N2 billion fraud. EFCC Chairman, Ola Olukoyede, recently warned that cyber-enabled investment scams and virtual asset fraud remain one of the fastest-growing financial crimes across Africa.
