Two bureau de change operators, Salihu Liman Mahmoud and Dan Asabe Ibrahim and two University of Jos undergraduates, Isaiah Friday and Azzaior Samuel were arrested by the The Economic and Financial Crimes Commission (EFCC) for an alleged N2.05 billion fraud. They were arrested in Lagos and Jos.
The fraudsters specialize in breaking into the computer data base of financial institutions, in order to carry out dry posting of funds. They falsified the bank records and accounts and created unjustified huge opening balances in several accounts across the bank’s branches and subsequently transferred funds from those accounts to several accounts in other banks.
The fraudsters specialize in breaking into the computer data base of financial institutions, in order to carry out dry posting of funds. They falsified the bank records and accounts and created unjustified huge opening balances in several accounts across the bank’s branches and subsequently transferred funds from those accounts to several accounts in other banks.
Head of Fraud Investigation at the bank ( Union Bank of Nigeria Plc), A.F Olufade mentioned cash withdrawals and electronic transfers amounting to over N2.05 billion was involved in the swindle. The Commission's Banks and other Financial Institutions Fraud section carried out investigations based on the above information.
Probing by the Commission revealed Mahmoud is the mastermind of the fraud, who is now at large with others. He had approached Samuel if he knew anyone working with Union Bank. Samuel gave Isaiah Friday's contact and he was contacted. Isaiah paved way for the fraudsters to penetrate the bank’s database. He was carrying out computer system maintenance services for one of Union Bank branches in Jos on a part-time basis. He was traced and arrested. His arrest led to the arrest of Azaaior Samuel.
They told Friday they needed access to the bank's database in order to carry out some postings. They promised to give him N1, 500,000 if the deal succeeded. Friday obliged and on the day the crime was committed, Samuel disguised as a colleague of Friday who had accompanied him to work in order to gain access to the bank’s premises.
They carried out the postings to six different company accounts domiciled in Union Bank's Marina branch in Lagos. The postings were carried out and the syndicate thereafter went to the bank to draw all the funds. Friday was paid as promised and other gang members now at large shared the remaining balance.
The accounts are: Gona Bureau De Change Limited, Jaxmine Bureau De Change Limited, Dan Kawu Bureau De Change Limited, Godswill Great Communications, ZHG Services Limited and A and B Console Limited.
In the meantime, the EFCC has been able to recover the sum of $2,129,900 and another N134,542,720 from the fraudsters. Other items recovered include: furniture worth N10 million from Salihu Liman's one bedroom apartment in Yaba, Lagos, four vehicles, landed properties in Kano and Kaduna and a four bedroom duplex worth N45 million in Lagos.
These guys should have used their creative minds in doing more honorable things instead of stealing. to even crown it up,a system engineer joined them,they want to get rich quick...The consequences are always severe.
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