Court Sentences Ibadan-Based Investment Fraudster Sentenced To 75 Years

By - LagosCityReporters 20 December 2023 Comments (0) 3 Mins Read

A notorious fraudster, Olaniyan Gbenga Amos, has been handed a 75-year prison sentence by the Oyo State High Court in Ibadan for engaging in multiple investment fraud schemes.

The court’s decision followed Amos and his firm, Detorrid Heritage Investment Limited, being found guilty on a 35-count charge brought against them by the Ibadan Zonal Command of the Economic and Financial Crimes Commission (EFCC).

The charges pertained to obtaining money by false pretences, as outlined in Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud-Related Offences Act 2006.

Amos and his firm were brought before Justice Bayo Taiwo on December 14, 2021, following his arrest by the EFCC. The charges detailed how Amos orchestrated fraudulent investment ventures, leading to a financial loss exceeding N1 billion for multiple investors.

The court records indicate that Amos intentionally failed to honour agreements made with investors, particularly in the “Crime Alert Security Network,” a security investment program operated under his firm’s umbrella. Investors suffered financial losses as Amos did not fulfil the promised “Return on Investment,” resulting in legal actions leading to his conviction and substantial prison term.

The defendant pleaded “not guilty” to the charges at the commencement of the trial on February 17, 2022.

Following the plea, the EFCC Counsel, Sanusi Galadanchi, initiated the case on February 17, 2022, presenting six witnesses, submitting eight exhibits, and concluding the case on January 24, 2023.

After the prosecution’s presentation, the defendant submitted a “no case submission,” which the court rejected. Subsequently, the defendant presented his case, calling three witnesses. Justice Taiwo then reserved judgment until December 14, 2023.

Upon the trial’s resumption on Thursday, December 14, 2023, Justice Bayo Taiwo convicted the defendant, sentencing him to fifteen (15) years imprisonment on counts 27, 32, 33, 34, and 35 but discharged and acquitted the defendant on counts 1, 2, 3, 4, 5, 6, 7,8, 9; 10, 11, 12, 13, 14, 15, 16, 17, 18, 19; 20, 21, 22, 23, 24, 25, 26, 28, 29; 30 and 31 respectively.

In addition, the court directed that the imposed sentences should run concurrently, and the defendant is obligated to make restitution to the victims.

It’s noteworthy that Amos faces three other ongoing trials before both Federal and State High Courts in Ibadan, Oyo State.

Count 35 of the charge reads: “That you, Olaniyan Gbenga Amos and Detorrid Heritage Investment Limited on or about February 20, 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.”

Another Charge reads:

“That you, OLANIYAN GBENGA AMOS and DETORRID HERITAGE INVESTMENT LIMITED on or about August 27, 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.”