Bank Fraud: Kogi Assembly Candidate Arrested With N326m, $610,500 Cash

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The Economic and Financial Crimes Commission (EFCC) has arrested a Kogi State House of Assembly candidate of the New Nigeria Peoples Party (NNPP), Ismaila Yusuf Atumey,i with N326million and $ 140,500 cash.

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Spokesman of the anti-graft agency, Wilson Uwujaren, told Daily Trust that one Abdumalik Salau Femi, a former bank employee, was arrested in connection with the fraud alongside one Joshua Dominic, an alleged serial fraudster, in a sting operation at Macedonia Street, Queens Estate, Karsana, Gwarinpa, Abuja.

According to Uwujaren, Femi supplied the inside information that facilitated the attack on a bank by the syndicate.

“He (Femi) was picked up Tuesday, November 1, 2022, at Radisson Blu Hotel in Lagos. Following his arrest, a search was conducted on his home in Morgan Estate, Ojodu where a total of $470,000 USD was recovered.”

“The arrest of the suspects followed months of investigation into the hacking of one of the commercial banks by a syndicate of fraudsters who pulled off a heist of N1.4billion.

“The syndicate allegedly moved N887 million into the account of Fav Oil and Gas limited, from where the monies were paid to several Bureau de Change operators and some auto dealers for exchange into United States Dollars and purchase of high-end cars,” he said.

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The EFCC added that Dominic, who has severally been arrested for fraud, allegedly helped Atumeyi perfect the hacking plan through Abdumalik.

Uwujaren stated: “Dominic, a self-styled investment expert and managing director of Brisk Capital Limited was arrested in May 2021 by the Special Fraud Unit of the Nigeria Police for alleged N2billion investment scam. He allegedly defrauded over 500 persons in a phony investment scheme.

“Two Range Rover Luxury SUVs were also recovered from the two suspects arrested in Abuja. They will be charged to court as soon as the investigation is concluded.”

Meanwhile, the Commission expresses concern about the rising spate of cyber-attacks on banks and the reluctance of the institutions to report such breaches to law enforcement. While warning that such reticence would only embolden the criminals, the EFCC appeals to financial institutions to collaborate with it to secure the financial sector from threats of cyber-attacks.

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