Nigerian fraudster Olamide Shanu, extradited from the UK, is facing up to 20 years in U.S. prison for running a $2 million sextortion and wire fraud scheme.
The United States has begun prosecuting Lagos-based internet fraudster, Olamide Shanu, who was extradited from the United Kingdom over his role in a $2 million sextortion and wire fraud scheme.
In a statement on Thursday, the U.S. Department of Justice (DoJ) said Shanu, 34, made his initial court appearance before Magistrate Judge Debora K. Grasham following his extradition. He faces an eight-count indictment that includes charges of wire fraud conspiracy, aggravated identity theft, cyberstalking, money laundering conspiracy, and extortion.
According to prosecutors, Shanu and his accomplices posed as women on social media platforms, convincing male victims to share explicit images. The gang then threatened to expose the images to family and friends unless ransom payments were made. One of the victims was identified as a college student in Idaho.
The DoJ said Shanu fraudulently obtained at least $2 million, channeling funds through peer-to-peer apps and cryptocurrency wallets before wiring the proceeds to Nigeria-based conspirators. If convicted, he faces up to 20 years in federal prison, in addition to restitution payments to victims.
Court filings show that in 2023, U.S. Secret Service agents seized Shanu’s Binance account linked to $2.5 million in fraud and laundering activities.