EFCC Arrests Suspected Fraudster for Buying Bank Account Details for Fraud

The Economic and Financial Crimes Commission (EFCC), Benin Zonal Directorate, has arrested a suspected fraudster, Olawole Sunday, for allegedly purchasing bank account details from individuals and using them to carry out fraudulent activities. The arrest follows an investigation into a N2 million scam linked to a forex trading scheme.

Fraud Scheme Uncovered in Benin City

Operatives of the EFCC apprehended Sunday following a complaint from a victim who lost N2 million in a fraudulent forex trading deal. The investigation traced the funds to a bank account registered under the name Uyi Godstime Eghosa. When Eghosa was picked up for questioning, he denied knowledge of the fraud but admitted to having sold his account details, including the ATM card, to Sunday for N25,000.

Further probe revealed that Sunday had been actively recruiting young people to open multiple bank accounts. In return, he would pay them between N25,000 and N50,000 per account. These accounts were then used to receive proceeds from fraudulent schemes. The unsuspecting victims, believing they were investing in genuine forex deals, ended up losing significant amounts of money.

How Sunday Operated His Account Buying Network

Sunday’s method of operation was straightforward yet sinister. He targeted vulnerable youths, convincing them to open new bank accounts and surrender their banking credentials for a fee. Once he had control of these accounts, he used them as conduits for laundering money acquired through fraudulent schemes, especially online scams involving fake forex trading platforms.

The use of multiple third-party accounts helped Sunday mask his identity and avoid detection for a time. It also complicated investigations for authorities, as victims often held the account owners responsible. However, in Eghosa’s case, his cooperation with EFCC operatives led directly to Sunday’s arrest and the unraveling of a larger fraud network.

Confession and Legal Action Ahead

Upon arrest, Olawole Sunday reportedly confessed to the crime, admitting that he had indeed paid individuals for their account details and used them to execute fraudulent transactions. His confession has been documented, and the EFCC has indicated that charges will be filed against him once the ongoing investigations are completed.

The commission emphasized its commitment to tracking and prosecuting cybercriminals who exploit innocent citizens for illicit financial gain. The EFCC also warned young Nigerians to refrain from selling their personal banking information, noting that such actions can implicate them in serious criminal offenses even if they are not directly involved in fraud.

EFCC Issues Public Warning Against Sale of Bank Accounts

In the wake of Sunday’s arrest, the EFCC has issued a public advisory cautioning citizens, particularly the youth, against selling their bank account details. The commission explained that such actions make them accomplices to financial crimes and subject them to arrest and prosecution.

“The use of third-party accounts to perpetrate fraud is a growing trend in cybercrime investigations,” the commission noted. “We urge Nigerians to protect their banking details and report any suspicious offers involving their financial information.”

The EFCC reiterated its resolve to clamp down on cybercriminals and anyone aiding or abetting them. It also called on financial institutions to remain vigilant and report suspicious transactions or patterns that may indicate the misuse of bank accounts.

Ongoing Investigations May Lead to More Arrests

The EFCC has hinted that Sunday may not have acted alone and that further investigations are ongoing to uncover other accomplices and possible victims. It is believed that more individuals who sold their bank accounts to Sunday may be identified and invited for questioning.

The arrest highlights the evolving tactics employed by internet fraudsters and the need for heightened public awareness. The commission has urged the public to come forward with any information that could aid in the investigation and bring more fraudsters to justice.

Sunday is expected to face charges under relevant sections of the EFCC Act and the Cybercrimes (Prohibition, Prevention, etc.) Act once the legal process begins.