Two men, who allegedly obtained N10 million on the pretext of exchanging it for $30,000 worth of bitcoin, on Thursday appeared before a Yaba Chief Magistrates’ Court in Lagos.

The accused, Ransome Ajom, 32, and Samson Nwite, 31, who have no fixed address, are facing a three-count charge of conspiracy, obtaining money by false pretences and stealing.

They, however, pleaded not guilty.

The prosecutor, Insp. Ibijoke Akinpelu, said that the duo and others still at large committed the offences at Anthony Village, Lagos, at 12:30 p.m. on Sept. 2.

According to Akinpelu, the accused defrauded the complainant, Mr Temitope Ijidadejo, who they promised to exchange his N10 million for $30,000 worth of bitcoin.

The prosecutor said that the offences contravened Sections 287, 314 (a) (b) and 411 of the Criminal Law of Lagos State, 2015 (revised).

Section 287 provides for 15 years imprisonment for obtaining money by false pretences.

The Magistrate, Mrs A. F. Adeeyo, granted the accused bail in the sum of N3 million with two sureties each.

She said that the sureties must show evidence of tax payment to the Lagos State Government.

Adeeyo adjourned the case until Oct. 18 for trial.

Bitcoin is a worldwide cryptocurrency and decentralised digital payment system invented in 2009.

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