$11million ALLEGED FRAUD TRIAL COMMENCES IN VIRGINIA: INVICTUS OBI PLEADS 'NOT GUILTY', REMANDED IN PRISON CUSTODY

Mr. Obinwanne Okeke

Obinwanne Okeke, the 31-year-old Nigerian held by American authorities for alleged fraud, has pleaded "not guilty" to two counts of wire and computer fraud at his first hearing on Monday.

According to reports, the presiding judge at the Newport News, Virginia, federal courthouse, declared the case as “complex,” but said Mr Okeke should be remanded in prison until February 18, 2020 when the trial would continue. He appeared in court at about 2 p.m. and waived his right to a speedy trial.

Monday's court appearance was the first for Mr Okeke, and came a week after a federal grand jury examined the evidence gathered by the F.B.I. and presented by the United States Department of Justice and found him guilty as charged, and recommended him for trial. The jury recommends that if convicted, Mr Okeke should be made to forfeit at least $11 million in assets, and an emerald shaped diamond engagement ring found on him when he was first arrested by federal agents as he was about leaving the U.S. on August 6.

Mr Okeke, known in Nigeria as ‘millionaire entrepreneur’ Invictus Obi, was accused by the F.B.I. of orchestrating the theft of $11 million from a foreign subsidiary of American heavy equipment manufacturer, Caterpillar.

Using the infamous business email compromise scheme, Mr Okeke and his alleged accomplices spoofed Unatrac officials into making illicit transfers of about $11 million over several weeks in the first half of 2018.

Investigators said those who worked with Mr Okeke remained at large, and continued to seal crucial references to them in the case.

He faces up to 30 years in prison if convicted, as well as the possibility of forfeiting any ill-gotten acquisitions traced to him. Officials familiar with the trial told PREMIUM TIMES the evidence against Mr Okeke was compelling enough to elicit a guilty plea from him.

But since he had decided to go through the lengthy trial road, he could face maximum sentences with additional punitive liabilities if ultimately found guilty.

By the time he returns to court in February 2020, he would have spent six months behind bars, and could still spend more time in the course of the trial as authorities continue to mark him as a flight risk.