A Gravesend fraudster who helped con a man into handing over £5,000 in exchange for bitcoins he never received has been sentenced.

Samuel Oluwasegun, 24, of Doria Drive, collected the victim’s cash at a hotel in central London on October 19, 2019, running away without transferring anything in return.

The meeting was set up by Samuel Billions, 25, of Hackney, who contacted to victim initially, inviting him to purchase bitcoins at an agreed exchange rate.

He was met by Oluwasegun, who he had had no previous contact with, who said he there to collect the cash so that the transfer could take place.

News Shopper: Inner London Crown Court Inner London Crown Court (Image: Wikimedia/Stephen Richards)

The victim handed over £5,000 in cash before Oluwasegun ran from the hotel. No bitcoins were ever transferred.

Billions did not meet with the victim at the hotel but arranged everything in the background as part of the conspiracy.

After a complex investigation, he was identified through his profile on a bitcoin trading website and subscriber checks on his mobile phone.

Oluwasegun was identified through fingerprints left at the scene.  

During police interviews, Oluwasegun and Billions both answered no comment to all questions asked.

Oluwasegun pleaded guilty to conspiracy to defraud in July 2021, while Billions was found guilty of conspiracy to defraud at Inner London Crown Court on August 11, 2021.

The pair were sentenced at Inner London Crown Court on September 22, 2021.

Billions was ordered to carry out 100 hours of unpaid work over the next 12 months, given a 12 week curfew order and ordered to pay a victim surcharge of £90.

Oluwasegun was ordered to complete 80 hours of unpaid work over the next 12 months and must also pay a victim surcharge of £90.  

Detective Constable Ufuk Ekbic, from City of London Police, said:

“Billions and Oluwasegun conspired to trick the victim into thinking they were going to receive a deal on bitcoins, but the reality was it was all an elaborate lie to get the victim to hand over his money. These two criminals will now pay the price for their dishonesty.

“If someone offers you something which seems like it is too good to be true, the chances are it probably is. Always stop and take a moment to think before parting with your money or information as it could keep you safe and protect you from criminals carrying out fraud.”

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