Ipaka was found guilty of defrauding Yvelte M. Thompson, a U.S.-based woman, out of $53,000 by pretending to be Flavour.
The Economic and Financial Crimes Commission (EFCC) investigator, Azibagiri Dan Ekpar, led the investigation on Tuesday. Ekpar explained that Ipaka had promised to arrange shows in America and received payments from Thompson via Bitcoin wallets.
After a petition from Eyitayo Tolulope Abiodun and others on behalf of Thompson, Flavour was invited to clarify his involvement, but he was found to be innocent of the charges.
Further investigation revealed that Ipaka, residing in Benin City, was the actual culprit. Ipaka admitted to impersonating Flavour and obtaining $53,000 from Thompson in 2021. He transferred the funds through Bitcoin and converted them into Nigerian Naira, depositing the money into his Access Bank account.
The sum of N7.9 million was subsequently recovered from Ipaka through Zenith and Access Bank manager's cheques.
Judge Dehinde Dipeolu sentenced Ipaka to two years in prison, with an alternative fine of N2 million, and ordered him to forfeit the N7.9 million to Thompson.