Two businessmen, Ikeocha Daniel Kelechi and Sylvester Ebeta, were arrested for allegedly stealing over six hundred million naira from a leading Nigerian Financial Technology company, Fintech.
Detectives from CP. Godwin Ayotunde Omodeinde-led Police Special Fraud Unit, PSFU, in Lagos tracked and arrested the suspects for offences including conspiracy, fraudulent conversion/diversion, and stealing a total of Six Hundred and Thirteen Million, Nine Hundred and Eighty Thousand, Two Hundred Naira (613,980,200.00).
According to a statement by the Police Special Fraud Unit spokesperson, SP. Eyitayo Johnson, on Saturday the duo allegedly committed the offences between January 19, 2022, and October 12, 2023.
This followed a network glitch that led to some Payment Gateway Web Merchants of the firm receiving multiple credits for refunds initiated to cardholders by the merchants. These refunds were then settled to the merchants’ accounts in various banks and subsequently withdrawn/transferred by the merchants.
The two suspects, Mr. Ikeocha Daniel Kelechi unlawfully benefited and converted Four Hundred and Two Million, Nine Hundred and Eighty Thousand, Two Hundred Naira (402,980,200.00), while Mr. Sylvester Ebeta fraudulently converted/diverted Two Hundred and Eleven Million Naira (211,000,000.00) respectively.
They took advantage of the glitch to make multiple withdrawals totaling the aforementioned sums and distributed the money to themselves (in other banks), friends, and relatives. Meanwhile, criminal charges have been filed against them by the Unit’s Legal Section.
