Home » Headline » EFCC Arrests Bank MD over N11.4m Fraud, how he bought 134 Buses, 20 houses
EFCC Arrests Bank MD over N11.4m Fraud, how he bought 134 Buses, 20 houses

EFCC Arrests Bank MD over N11.4m Fraud, how he bought 134 Buses, 20 houses

he managing director of Platinum Multi-purpose Cooperative Society Limited, Michael Osasogie Obasuyi, has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC), for alleged conspiracy, cybercrime and laundering of N11.498 billion.
EFCC had launched investigation into the matter following a petition against a mobile and electronic payment provider firm, which was written in March 2018 by Obasuyi, who is also the managing director of Smartmicro Systems Ltd.
We gathered that in a dramatic twist however, the firm which was petitioned fired off a counter petition against Obasuyi and Smartmicro; raising suspicions and alerting operatives who then began investigating Obasuyi’s activities. Smartmicro allegedly approached the electronic payment provider firm in 2012 for the deployment of ‘Corporatepay’, which is a bulk purchase solution, to facilitate payment of salaries of Delta state employees in microfinance banks.

The EFCC said in a statement that Obasuyi, who is the Managing Director, Platinum Multi-purpose Cooperative Society Limited and Smart Micro Limited, was found to have allegedly perpetrated several acts of fraud.

Smart Micro was alleged to have approached the mobile company in 2012 for the deployment of bulk purchase solution called “Corporatepay” to facilitate payment of salaries of Delta State employees in microfinance banks.

It was also alleged that the company configured an additional outbound fund transfer solution called “Fundgate” in 2017, which required Smart Micro to maintain a pre-funded settlement account with a first generation bank for settlement of account it had initiated.

However, the company further alleged that the bank, sometime in March 2018, revealed that the settlement account was in debit of N11, 498,944,038.29.

The EFCC said, “In his statement to the commission, confessed to have committed the crime, stating that he created fraudulent and imaginary monies through the aid of Fundgate financial application from the company.

“The commission, in the course of investigation, has recovered a paper version of the programme called MicroSwitchServer1, which he allegedly used to create and post the imaginary monies.

“He also admitted to have diverted to his personal use the sum of N7, 519, 381, 202 out of the total sum of N11, 498,944,038.29.”

The commission said it had  so far recovered the sums of N2, 903,727,563.92, $37, 992.87 and €18,538.09 found in Obasuyi’s accounts in various banks in the country.

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