N2.5bn fraud: Union Bank Hackers to Serve Jail Terms

Conniving to hack into Union Bank's Flexcube servers, they stole N2,550,000,000.
Black Hands Prison Bars

The Economic and Financial Crimes Commission (EFCC) has secured conviction of Ibrahim Saidu Jogal, one Abass Mohammed and a Bureau De Change (BDC) operator.

Conniving to hack into Union Bank's Flexcube servers, they stole N2,550,000,000.

EFCC spokesman Dele Oyewale said it received a petition on the theft in a statement on Friday.

Investigation has shown that mainly BDC operators, including one Jaxmine BDC, Gona BDC and Great Well Communication, have credited the money into their accounts.

Mohammed had one of his mates, Lawal Ubah, who was a signatory to the account, sourced account information from Jaxmine BDC.

“He subsequently gave the details to one Salisu Liman (aka Zico), the ring leader of the syndicate. The sum of N450million was then credited into the account”, EFCC noted.

The amount of N79million was transferred from Jaxmine BDC 's account to Jogal's Digare BDC account for $500,000 purchase.

Further investigations revealed that Jogal charged Mohammed just $80,000, and retained the $420,000 balance.

The group was arraigned before the Lagos State High Court 's Justice K. A. Jose sitting in Igbosere, on three count charges based on conspiracy, retention and use of criminal proceeds.

The offences contravened Section 331(1)(b) of Criminal Laws No. 11, Lagos State Vol 44 2011.

The accused pleaded “not guilty” to the charges, paving the way for the commencement of their trial.
Three witnesses were identified by the EFCC-Vincent Agwu, an employee of the Union Bank, and two prosecutors, Joseph Nkeson and Aliyu Abubakar.

The prosecution had tendered numerous documents in court.

Justice Jose found the defendants guilty on counts two and three, and acquitted them on count one, which was bordering on defrauding conspiracy.

Mohammed was sentenced to a year in prison.

Jose ordered the amount of $37,000 and $7,000 seized from him to be transferred to Union Bank.

He also directed the selling of a car confiscated from him and the proceeds given to Union Bank.

On Jogal, the judge observed he showed no contrition and refused to repay a significant amount of the money he had tracked.

Jogal was sentenced to 3 years in prison.

Justice Jose ordered that Union Bank be given the amount of $220,000 and another $200,000 seized earlier from him.

The judge also ordered the selling and handing over of the proceeds to the financial institution of his land, whose title documents he gave to the EFCC.

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