EFCC Arrests Man For 11.5B Fraud
EFCC, Lagos Zonal office, has arrested one Michael Obasuyi, MD, Platinum Multi-purpose Cooperative Society Limited, for alleged offences bordering on conspiracy, cybercrime and money laundering to the tune of N 11, 498,944,038.29.
Obasuyi, who is also the MD of Smartmicro Systems Limited, had written a petition in March 2018 to the commission against a company, a mobile and electronic payment provider.
However, in what may be described as a dramatic twist, the company had also written a counter-petition against Smartmicro and Obasuyi, thereby leading EFCC to begin investigations into the activities of Obasuyi.
Smartmicro was alleged to have approached the 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 Smartmicro to maintain a pre-funded settlement account.
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.
Obasuyi, 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 N7.5 billion out of the total sum of N11.5 billion. EFCC has so far recovered N2.9bn, $37,992 and €18,538 found in Obasuyi’s accounts in various banks in the country.
Also, a total of 20 properties located in various parts of Edo, Rivers, Lagos and Abuja, worth several millions of Naira, have been traced to him. Obasuyi, who also admitted to have purchased 134 buses from the proceeds of crime, runs the popular Platinum Cruise Transport Company.