Nigeria: Crime Alert CEO Sentenced to 75 Years Imprisonment for Investment Frauds

Nigeria: Crime Alert CEO Sentenced to 75 Years Imprisonment for Investment Frauds

By Zuleihat Owuiye, Mamos Nigeria

Crime Alert CEO Sentenced to 75 Years Imprisonment for Investment Frauds

In a significant legal development, Justice Bayo Taiwo of the Oyo State High Court, Ibadan, handed down a 75-year prison sentence to Olaniyan Gbenga Amos, the Chief Executive Officer of Crime Alert Security Network. This verdict, delivered on December 14, 2023, followed convictions on multiple investment fraud charges.

According to the Economic and Financial Crimes Commission (EFCC), Olaniyan and his firm, Detorrid Heritage Investment Limited, faced 35 counts of obtaining money under false pretenses. The charges, as detailed by the EFCC, revolved around fraudulent representations for investments in Crime Alert Security Network, promising a 30% return in six weeks.

The court proceedings began on February 17, 2022, with the EFCC presenting its case, calling six witnesses, and submitting eight exhibits. Despite a “not guilty” plea, the defendant’s “no case submission” was overruled. The trial concluded on January 24, 2023, leading to the judgment reservation until December 14, 2023.

On that day, Justice Taiwo convicted Olaniyan on counts 27, 32, 33, 34, and 35, sentencing him to 15 years imprisonment for each count. However, the defendant was acquitted on numerous other counts. The court ruled that the sentences should run concurrently, and restitution to the victims was ordered.

Olaniyan faces additional trials in federal and state High Courts in Ibadan, Oyo State, as his actions allegedly resulted in losses exceeding N1 billion for investors. The fraudulent schemes involved fake investment ventures within Crime Alert Security Network.

This legal outcome marks a significant step towards justice for the victims and sends a strong message against financial fraud. Olaniyan’s deliberate failure to honor agreements and fulfill promised returns led to his arrest and subsequent sentencing.

It’s worth noting that this information is provided without any advertisements, ensuring a focused and unbiased presentation of the court’s decision.

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