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  • Undergraduates, others arrested for stealing N2bn from Union bank
  • According to a report by Punch, two men who
    claim to be undergraduates of University of Jos,
    Isaiah Friday and Azzaior Samuel, have been
    arrested by the Economic and Financial Crimes
    Commission for allegedly stealing N2.05bn from
    union bank Two bureau de change operators,
    Salihu Mahmoud and Dan Ibrahim, were also
    arrested in connection with the alleged crime.
    The Head, Media and Publicity, EFCC, Wilson
    Uwujaren, said:
    "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."
    It was learnt that EFCC initial investigation
    showed that 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.
    Uwujaren said, "Friday was traced and arrested.
    His arrest led to the arrest of Azaaior Samuel.
    "Investigations further revealed that Samuel
    introduced Friday to Mahmoud, who is the
    mastermind of the fraud with others now at
    large.
    "Mahmoud and other collaborators told Friday
    that they needed access to the bank's database
    in order to carry out some postings. They
    promised to give Friday N.5m if the deal
    succeeded."
    PUNCH Metro gathered that Friday agreed. On
    the day the crime was committed, he told people
    at the bank that Samuel was his colleague who
    had accompanied him to work.
    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 said, "The accounts are Gona Bureau
    De Change Limited, Jaxmine Bureau De Change
    Limited, Dan Kawu Bureau De Change Limited,
    Godswill Great Communications, ZHG Services
    Limited and A and B Console Limited. The
    postings were carried out and the syndicate
    thereafter went to the bank to withdraw all the
    funds. Friday was paid as promised and other
    syndicate members now at large shared the
    remaining balance."
    The EFCC spokesman added that the
    commission had been able to recover $2,129,900
    and another N134,542, from the fraudsters.
    He said, "Other items 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.
    Investigation into the scam continues."
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