Man In Police Net For Allegedly Defrauding Finance Companies N816m With Fake LPOs
LAGOS JUNE 9TH (NEWSRANGERS)-Police operatives from Special Fraud Unit (SFU), Ikoyi, Lagos has arrested one Odeleye Oluwabukola Moses, the MD/CEO of BEEDEL STRATEGIC INVESTMENT CO. NIGERIA LIMITED (hereafter referred to as BEEDEL) for allegedly defrauding five multinational companies in operating Nigeria and one agency of Federal Government of Nigeria the sum of N816m with fake Local Purchase Orders (LPOs)
A statement signed by Police Public Relation Officer (PPRO), for Commissioner Of Police Special Fraud Unit, Ikoyi, Lagos, SP. Eyitayo Johnson sighted by NewsRangers said the suspect who paraded himself on Social Media as a successful contractor with interest in Civil Engineering/Construction, Real Estate and Supply/Importation of Heavy Engineering Equipments. BEEDEL, as the suspect is popularly known, operates in connivance with former and current procurement staff of the companies whose LPOs were used to perpetuate the fraud. “BEEDEL forged the LPOs of these companies/Government Agency and approached numerous Banks and Investment companies with proposal to finance the LPOs which he cleverly tenured to be paid between 30-60 days so as to make the LPO Financing appear juicy.
“The suspect, using this modus operandi, was able to fraudulently obtained the sum of Eight Hundred and Sixteen Million Naira (N816,000,000:00) from two Finance Companies and diverted same to fund extravagant lifestyles which includes building a mansion, office complex and purchase of exotic automobiles.
“Investigation revealed that for over 8-years, BEEDEL has mastered the art of using cloned LPOs to consecutively secure huge sums via LPO Financing from different Banks/Finance Companies while using monies from one Bank/Finance company to settle his commitments to another Bank/Finance company; so as to maintain the fraudulent cycle of robbing Peter to pay Paul.
“BEEDEL circumvented due diligence done by some of the Banks/Finance companies with the inputs of Procurement Staff of the companies whose LPOs were forged. These Procurement staff conspired with the suspect to confirm invalid LPOs to third parties.
“The suspect will be charged to court as soon as investigation is concluded,” the statement read
In a related development,operatives from Police Special Fraud Unit (SFU) Ikoyi, Lagos has arrested three suspected fraudsters for allegedly attempting to defraud ten Nigerian banks.
The Police stated that their arrest was made possible by the Commissioner of Police, Police Special Fraud Unit (PSFU), CP. Anyasinti Josephine Nneka, while acting on useful Intelligence received from a leading New Generation Bank who is also a member of PSFU’s Stakeholders’ Forum directed a sting operation to conduct surveillance and arrest of four (4) members of a cyber-fraud syndicate while in the final stages of recruiting a staff of Information & Technology Department (InfoTech) of the Bank in order to perfect the hacking of the Banks’ Network/Posting Application with intent to pull-out huge sums of money.
The CP confirmed that three of the suspect were arrested with incriminating exhibits during meeting held with the Bank staff they attempted to recruit, while the fourth suspect, known only as ”Chibuzor Holland”, who flew into the country from France specifically for the operation escaped.
“The arrested members of the syndicate include Kehinde Oladimeji (52-years old and the mastermind), Olanrewaju Adeshina (47-years old) and Kolapo Stephen Abiodun (42-years old).
“Kolapo Stephen Abiodun who is an ex-staff of the Bank, attached to the InfoTech Department; contacted and attempted to recruit a current staff of the Bank’s InfoTech Department with an offer of Two Hundred Million Naira (N200,000,000:00) and VISA out of Nigeria. The staff was asked to leave critical gateways open on the Bank’s server for the syndicate to gain unauthorized access into the network and move money out using python application and Zoom.
“After the arrests, Forensic Analysis of phones and electronic devices found in their possession disclosed a list of ten (10) other Banks already earmarked to be hacked using similar method once the first attack is successful.
“Operatives also discovered personal and corporate Bank account details in the possession of the syndicate which they ought not to have.
The case, Charge No. FHC/L/238C/2022; is currently being prosecuted before Honourable Justice P. O. Lifu of the Federal High Court, Lagos Judicial Division while effort is in top gear to apprehend Chibuzor Holland,” the statement explained.
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Posted by News Rangers
on Jun 9 2022. Filed under National.
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