How EFCC traced $1m scam proceeds to Polaris, Sterling banks

Over the years, yahoo boys has continued to defraud business organizations, including major international airlines in Nigeria, with the help of banks’ insider machineries.

The successful prosecution of two Nigerian fraudsters, Tobilola Ibrahim Bakare and Alimi Seun Sikiru by the Economic and Financial Crimes Commission (EFCC), led to forfeiture of $1 million USD traced to accounts in Sterling Bank and Polaris bank.

Bakare, 27, according to the EFCC, who is an indigene of Ijebu Ode, Ogun State confessed that his modus operandi is Business Email Compromise, and that he had hacked into different companies outside the shores of Nigeria.

The forfeited assets include the sums of N196,741,216.82 in Sterling Bank and N7, 054,852.01 in Polaris Bank.

Another set of assets are two vehicles, a Mercedes Benz E500 and a Toyota Hilux 2020. The two vehicles are valued at N30 million while the three duplexes are valued at N230 million.

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Also recovered are five-bedroom duplex situated at Ibrahim Eleto Street, Asapa London, Lekki, Lagos, four-bedroom semi-detached duplex situated at Ologolo, Jakande, Lekki, Lagos and another four bedroom semi-detached duplex in Southern View Estate, Mayor Court, Chevron Alternative Road, Lekki, Lagos.

According to a statement issued on Monday by EFCC’s Head, Media & Publicity, Wilson Uwujaren, the fraudsters gave up the assets as they could not give a satisfactory explanation of the funds and properties linked to them as they confessed to involvement in cybercrime.

Uwujaren said, “They laundered the proceeds of crime in acquiring properties including real estate and luxury vehicles.

Their suspicious transactions came under investigation began in September 2020, when Operatives of the EFCC, in the course of investigating a case of suspicious transactions and money laundering involving one Kehinde Adelakun, a convicted internet fraudster, stumbled on evidence linking Alvine International Resources Ventures, owned by the second defendant, Sikiru.

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“The transaction that set off the alarm bell was an inflow of N5million in two tranches from Alvine International Resources Ventures.

“Further probing by the investigators, revealed several inflows suspected to be proceeds of unlawful activities in both the Sterling Bank and Polaris accounts of the second defendant. The balance in both accounts: N196, 741,216.82 in Sterling Bank and N7, 054,852.01 in Polaris Bank, were swiftly placed on a Post No Debit, to forestall dissipation of the funds pending the conclusion of investigation and determination of the case.

“The second defendant, in his statement to the Commission, admitted that majority of the funds found in his account were from the first defendant, Bakare, who confessed to being into Business Email Compromise, BEC, between 2009 and 2020 and also hacking into the accounts of KLM, Turkish Airlines and British Airways.