The EFCC has arrested one Michael Osasogie Obasuyi, MD of a cooperative society for laundering N11.498 billion which he then used to purchase 20 houses and 134 buses
– The suspect had written a petition against a firm which then wrote a counter petition against him, leading EFCC operatives to open investigations into the matter and make the findings
– The EFCC spokesman said Obasuyi would be charged to court as soon as investigations are concluded
The managing director of Platinum Multi-purpose Cooperative Society Limited, Mr Michael Osasogie Obasuyi, has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC), for alleged conspiracy, cybercrime and laundering of N11.498 billion, Vanguard reports.
EFCC had launched investigation into the matter following a petition against a mobile and electronic payment provider firm, which was written in March 2018 by Obasuyi, who is also the managing director of Smartmicro Systems Ltd.
News gathers that in a dramatic twist however, the firm which was petitioned fired off a counter petition against Obasuyi and Smartmicro; raising suspicions and alerting operatives who then began investigating Obasuyi’s activities.
Smartmicro allegedly approached the electronic payment provider firm in 2012 for the deployment of ‘Corporatepay’, which is a bulk purchase solution, to facilitate payment of salaries of Delta state employees in microfinance banks.
Subsequently, in 2017, the firm allegedly configured an additional outbound fund transfer solution called ‘Fundgate’, which required Smartmicro to maintain a pre-funded settlement account with a first generation bank for settlement of account it had initiated.
The firm alleged further, that sometime in March 2018, the bank revealed that the settlement account was in debit of N11, 498,944,038.29.
In his statement to the anti-graft agency, Obasuyi confessed that he committed the crime by creating fraudulent and imaginary monies through the aid of ‘Fundgate’ financial application.
The EFCC spokesman, Wilson Uwajuren, released a statement which read: “The commission, in the course of investigation 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, 519, 381, 202 out of N11, 498,944,038.29.
“The Commission has so far recovered N2, 903,727,563.92, $37, 992.87 and 18,538.09 found in Obasuyi’s accounts in various banks in the country.
“Also, a total of 20 properties located in various parts of Edo, Rivers and Lagos states and Abuja, worth several millions of naira, have been traced to Obasuyi, which were acquired with proceeds of crime.
“Obasuyi, who also admitted to have purchased 134 buses from the proceeds of crime, runs the popular Platinum Cruise Transport Company. He will soon be charged to court as soon as investigations are concluded.”
Meanwhile, NAIJ.com previously reported that the Economic and Financial Crimes Commission filed charges against the Stallion Motors Limited and the managing director of the firm, Hapreet Singh, for allegedly giving out the sum of N1.275 billion to the Peoples Democratic Party (PDP) during the 2015 general elections.
The money was reportedly collected on behalf of the party by the former national security adviser, Sambo Dasuki (rtd), and ex-minister of finance Bashir Yuguda, who will be facing alleged bribery and gratification.
The EFCC also suspected that the payment was an inducement to facilitate payment by the Office of National Security Adviser (ONSA) for a contract for the supply of some 700 trucks and 50 buses.