ATM Fraud: Two guilty for N210m fraud

By OKOSUN DENNIS

Stanley Odjighere and Igho Timothy Okpekereke, who in 2014 defrauded a new generation bank of N210million, have pleaded guilty to a 2-count charge on money laundering brought against them by the Economic and Financial Crimes Commission (EFCC).

The duo was arraigned before Justice M.S Abubakar of the Federal High Court, sitting in Warri, Delta State.

The duo sometime in 2014 at the Ecobank Plc Oghara branch, in Delta State, cashed on a system glitch leading to malfunctioning of the Quickteller facility in the bank’s ATM to defraud the banks by transferring the moneys to several accounts.  All the transactions involved were failed transactions but the moneys transferred were not reversed from the customer’s accounts.

Over N210 million was transferred into their First Bank accounts, which they laundered through other people’s bank accounts and later converted to their personal use.

Count one of the charge reads, “that you Stanley Odjighere, Michael Jesuovomine Edoja (now at large) and others at large sometime in 2014 at Oghara, Delta State, within the jurisdiction of this honourable Court, did transfer and convert to your use over N130, 753, 674.09 being money you fraudulently stole from Ecobank and which said sum you applied same into the purchase of cars, plot of land and development thereof, with the aim of disguising the illegal origin of the money and thereby committed an offence contrary to section 15 (1) (a) of the Money Laundering (Prohibition) Act No. 11, 2011 (as  amended) and punishable under section 15 (2) of the same Act”.

Count two reads, “that you Igho Timothy Okpekekereke, Michael Jesuovomine Edoja (now at large) and others now at large sometime in 2014 at Oghara, Delta State, within the Jurisdiction of this Honorable Court , did transfer and convert to your use over N87, 299,000.00, being money you fraudulently stole from Ecobank and which said sum you applied same into the purchase of cars, plots of land and development thereof, with the aim of disguising the illegal origin of the money and thereby committed an offence contrary to section 15 (1) (a) of the Money Laundering (Prohibition) Act No. 11, 2011 (as amended) and punishable under section 15 (2) of the same Act”.

In view of their plea, the prosecution counsel, G. O Edobor asked for a date for the review of the case and sentencing.

Justice Abubakar adjourned the matter to January 15, 2016 for sentencing of the defendants and ordered that they be remanded in prison custody.