“Young Billionaire” Scam: Court Jails Fraudster, Orders Forfeiture of $345,000 Loot
A Federal High Court sitting in Abuja has sentenced a self-styled socialite, Chima Nkwocha, popularly known as “Young Billionaire,” to two years in prison for defrauding an American citizen of $345,000.
The Economic and Financial Crimes Commission (EFCC) disclosed on Wednesday that Nkwocha was arrested in August 2024 and arraigned before Justice Emeka Nwite on charges of impersonation and fraud. The convict, who operated under aliases such as Frank Nils, Frank Cobert, and Frank Brown, pleaded guilty to the charges.
Nkwocha was accused of impersonating various individuals using fraudulent Gmail and Google Voice accounts. According to court documents, he swindled Linda Wheeler, a United States citizen, out of $345,000. The funds were funneled through Ginux Global Nigeria Limited, a company where he was the sole signatory.
The prosecuting counsel, Lanre Olanrewaju, presented incriminating exhibits, including:
- A black Mercedes Benz ML 350
- Two gold necklaces, a gold bracelet, and $2,200 in cash
- Bank account balances totaling N90,280,934
- Properties in Lagos, Abuja, and Lekki, including a three-bedroom terrace duplex, a three-bedroom bungalow, and two self-contained apartments
- Two Zenith Bank drafts worth N8,000,000
- Assorted phones and electronic devices
Justice Nwite sentenced Nkwocha to two years imprisonment but offered an alternative fine of N2,000,000. Additionally, the court ordered the forfeiture of all assets linked to the fraud, declaring them proceeds of crime.
The court’s ruling mandated that the following items be handed over to the Federal Government of Nigeria:
- The Mercedes Benz vehicle
- Gold jewellery and cash recovered
- The N90 million in the Ginux Global Nigeria Ltd Zenith Bank account
- Real estate properties in Lagos and Abuja
- The Zenith Bank drafts and other electronic devices
“The court was satisfied with the EFCC’s submissions and ruled accordingly,” the EFCC stated.
This case serves as a stark reminder of the consequences of cyber fraud, as the government intensifies efforts to curb such crimes in Nigeria.
