EFCC Nabs Undergraduates, Others Over N2bn Bank Fraud

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Four men, including two undergraduates, have been arrested by the Economic and Financial Crimes Commission (EFCC) for an alleged N2.05bn fraud.

The suspects were also accused of being members of a syndicate that specialised in breaking into the computer data base of financial institutions to carry out dry posting of funds.

According to Head, Media and Publicity, EFCC, Wilson Uwujaren, the suspects were arrested in Lagos and Jos.

“Their arrest comes on the heels of a petition which the commission received from Union Bank of Nigeria Plc, Marina, Lagos, in January 2013, alleging that a criminal attack had been launched on its data base known as ‘Flexcube’, by yet-to-be-identified criminals who falsified the bank records and accounts and created unjustified huge opening balances in several accounts across the bank’s branches. They subsequently transferred funds from those accounts to several accounts in other banks.

“The petition, which was signed by one A.F Olufade, Head of Fraud Investigation at the bank, said cash withdrawals and electronic transfers totalling N2.05bn was involved in the scam.” He explained.

It was learnt that EFCC initial investigation showed that one of the suspects, Friday, who was carrying out computer system maintenance services for one of the Union Bank branches in Jos, Plateau State, on a part-time basis, paved the way for the fraudsters to penetrate the bank’s database.

It was learnt that after the gang had succeeded in gaining access to the bank’s premises, it carried out the postings to six different company accounts domiciled in Union Bank’s Marina branch in Lagos.

Uwujaren added that the commission had been able to recover $2,129,900 and another N134,542, from  the fraudsters.

Other items also recovered are furniture worth N10m from Salihu Liman’s one bedroom apartment in Yaba, Lagos; four vehicles, landed properties in Kano and Kaduna and a four-bedroom duplex worth N45m in Lagos.

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