The Economic and Financial Crimes Commission (EFCC) has recently doubled down on its crack down on the activities of internet fraudsters, also known as ‘Yahoo boys’.
The commission recently traced illicit proceeds from the activities of some of these boys, which was stashed away in Sterling Bank and Polaris Bank.
The discovery was as a result of the successful prosecution of two fraudsters, Tobilola Ibrahim Bakare and Alimi Seun Sikiru, by the Commission which led to the forfeiture of huge funds and other assets in the Lekki axis of Lagos State to the Federal Government.
The scammers earned a cumulative sum of $1million USD from their various victims which included three foreign airlines through Business Email Compromise fraud.
Bakare, 27, an indigene of Ijebu Ode, Ogun State claimed his forte is Business Email Compromise, and that he had hacked into different companies outside the shores of Nigeria.
Ravenewsonline.com gathered that the forfeited assets include the sums of N196,741,216.82 in Sterling Bank and N7, 054,852.01 in Polaris Bank.
Another set of assets are two vehicles, a Mercedes Benz E500 and a Toyota Hilux 2020. The two vehicles are valued at N30million while the three duplexes are valued at N230million.
Also recovered are five-bedroom duplex situated at Ibrahim Eleto Street, Osopa London, Lekki, Lagos, four-bedroom semi-detached duplex situated at Ologolo, Jakande, Lekki, Lagos and another four bedroom semi-detached duplex in Southern View Estate, Mayor Court, Chevron Alternative Road, Lekki, Lagos.
According to a statement issued on Monday by EFCC’s Head, Media & Publicity, Wilson Uwujaren, the fraudsters gave up the assets as they could not give a satisfactory explanation of the funds and properties linked to them as they confessed to involvement in cybercrime.
Uwujaren said, “They laundered the proceeds of crime in acquiring properties including real estate and luxury vehicles.
“Life was good, but their comeuppance began in September 2020, when Operatives of the Commission, in the course of investigating a case of suspicious transactions and money laundering involving one Kehinde Adelakun, a convicted internet fraudster, stumbled on evidence linking Alvine International Resources Ventures, owned by the second defendant, Sikiru.
“The transaction that sets off the alarm bell was an inflow of N5million in two tranches from Alvine International Resources Ventures.
“Further probing by the investigators, revealed several inflows suspected to be proceeds of unlawful activities in both the Sterling Bank and Polaris accounts of the second defendant.
“The balance in both accounts: N196, 741,216.82 in Sterling Bank and N7, 054,852.01 in Polaris Bank, were swiftly placed on a Post No Debit, to forestall dissipation of the funds pending the conclusion of investigation and determination of the case.
“The second defendant, in his statement to the Commission, admitted that majority of the funds found in his account were from the first defendant, Bakare, who confessed to being into Business Email Compromise, BEC, between 2009 and 2020 and also hacking into the accounts of KLM, Turkish Airlines and British Airways.
