Chima Hyginus Nkwocha, infamously known as “Young Billionaire,” has been sentenced to two years in prison by Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, following his conviction for cyber fraud and money laundering.
Arrest and Investigation
Nkwocha was apprehended by the Economic and Financial Crimes Commission (EFCC) in August 2024 in the Lugbe area of Abuja. Investigations revealed that in 2022, he had impersonated several individuals, including Frank Nils, Frank Cobert, Frank Brown, and Chiress Riffatt, using fraudulent Gmail accounts to scam Linda Wheeler, an American, out of $345,000.
The funds were funneled into a Zenith Bank account belonging to Ginux Global Nigeria Limited, with account number 1228782493.
Lavish Lifestyle Funded by Crime
The investigation uncovered a trove of luxury assets linked to Nkwocha, including:
- A black Mercedes Benz ML 350 (Chassis No. 4JGDA5HB9DA105827).
- Two gold necklaces with pendants, a gold bracelet, $2,200 cash, and N90,280,934.00 in his Zenith Bank account.
- Real estate assets, including a three-bedroom terrace duplex at Cookies Court 2, Ocean Palm Estate, Ajah, Lagos; a three-bedroom bungalow and two self-contained apartments at Standard Estate, Galadima, Abuja; and a plot of land at Eko Beach City, Lekki Phase 1.
- Two Zenith Bank drafts worth N5 million and N3 million.
- High-end electronic devices, including an iPhone 13 Pro Max and Samsung Galaxy S24 Ultra.
Court Proceedings and Conviction
Nkwocha was arraigned on a two-count charge of cheating by impersonation and money laundering. He pleaded guilty to the charges.
Prosecution counsel Lanre Adeola Olariwaju presented evidence, including extrajudicial statements, electronic devices, and forensic reports. The defense raised no objections, and the court admitted the evidence.
Justice Nwite found Nkwocha guilty and sentenced him to two years’ imprisonment, with an option of a ₦2 million fine.
Forfeiture of Assets
The court ordered the forfeiture of all proceeds of the crime to the Federal Government, including the Mercedes Benz, gold jewelry, cash, real estate properties, Zenith Bank funds, and electronic devices.
This case serves as a stark reminder of the EFCC’s commitment to curbing cybercrime and recovering stolen funds.
