EFCC Makes High-profile Arrests of Assembly Candidate, Fraud Syndicate With N326m, $610,500 cash
The Economic and Financial Crimes Commission (EFCC) has arrested some members of an alleged cyber-fraud syndicate with N326 million and $610,500 cash.
The commission said in a statement on Tuesday that the syndicate included the Kogi State House of Assembly candidate of the New Nigeria Peoples Party (NNPP), Ismaila Atumeyi.
Mr Atumeyi was arrested along with an alleged serial fraudster, Joshua Dominic, in a sting operation, at Macedonia Street, Queens Estate, Karsana, Gwarinpa, Abuja, on 30 October, the anti-graft agency’s statement stated.
Ismaila Yusuf Atumeyi and Joshua Dominic
The statement signed by EFCC’s spokesperson, Wilson Uwujaren, said Mr Atumeyi was arrested with the naira component of the funds and cash sum of $140,500.
It added that EFCC operatives recovered $470,000 from a former bank employee, Abdumalik Salau Femi, in Lagos on Tuesday.
The statement said Mr Femi, who allegedly supplied inside information that facilitated a cyber-attack on a bank by the syndicate, was picked up on Tuesday at Radisson Blu Hotel in Lagos.
After Mr Femi’s arrest, the EFCC said, a search warrant was “conducted on his home in Morgan Estate, Ojodu” where the money was said to have been recovered.
The recovery brought the total amount of dollar components of the money recovered from the syndicate to $610,000, so far, according to the press statement.
The commission said Mr Atumeyi is seeking to represent Ankpa 11 Constituency in the Kogi State House of Assembly.
“The arrest of the suspects followed months of investigation into the hacking of one of the commercial banks by a syndicate of fraudsters who pulled off a heist of N1.4 billion,” the statement read in part.
Abdulmalik Femi
The EFCC accused the syndicate of moving N887 million into the account of Fav Oil and Gas Limited, from where the fund was disbursed to several Bureau de Change operators and some auto dealers for exchange into United States dollars and purchase of high-end cars.
The commission said the suspects will be charged to court as soon as the investigation is concluded.
Previous arrest
The commission said Mr Dominic, a self-styled investment expert, had been previously arrested by the police for an alleged N2 billion investment scam.
According to the EFCC, he defrauded over 500 persons in a phoney investment scheme.
“Dominic, who has severally (sic) been arrested for fraud, allegedly helped Atumeyi perfect the hacking plan through Abdumalik. Dominic, a self-styled investment expert and managing director of Brisk Capital Limited was arrested in May 2021 by the Special Fraud Unit of the Nigeria Police for an alleged N2billion investment scam. He allegedly defrauded over 500 persons in a phony investment scheme.
“Two Range Rover Luxury SUVs were also recovered from the two suspects arrested in Abuja.”
Rising cyber-attacks on banks
The EFCC also expressed concerns over rising spate of cyber-attacks on banks and the reluctance of the institutions to report such breaches to law enforcement.
The commission appealed to the various financial institutions to collaborate with it to secure the financial sector from threats of cyber-attacks.
“Meanwhile, the commission expresses concern about the rising spate of cyber-attacks on banks and the reluctance of the institutions to report such breaches to law enforcement. While warning that such reticence would only embolden the criminals, the EFCC appeals to financial institutions to collaborate with it to secure the financial sector from threats of cyber-attacks,” the statement read.
Credit: PREMIUM TIMES