Police in Abuja are investigating Providus Bank Limited, some of its officials, and another commercial bank in connection with an alleged N1 billion fraud scam.
The investigation follows a transfer of approximately N1 billion by Shamsudeen Ahmed, a bureau de change operator in Abuja, to suspected criminals who had offered to sell $1 million from Dubai to him. The money subsequently disappeared, leading to suspicions of foul play.
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According to sources, bank officials are being interrogated regarding their involvement in the illegal transfer.
The suspects had provided three account details for the transfer: Ushaib Global Investment Limited (Providus Bank), Yadiz Oil and Gas Plc Nigeria Limited (another commercial bank), and A&M Technology Red Set (Providus Bank).
The complainant, Shamsudeen Ahmed, paid N830 million, N330 million, and N10 million into these accounts, respectively, only to later discover that the suspects had conspired to defraud him.
In a petition to the Inspector General of Police, written by Anthony Odule on behalf of the complainant, Ahmed detailed the events of December 8, 2023. The suspects, identified as Gambo Dahiru, Ibrahim Mohammed, Shaibu Mohammed, and Francis Azubuike aka Frank, had convinced him that there was a genuine offer to sell $1 million from Dubai. Believing the deal was legitimate, Ahmed transferred the funds to the provided accounts.
The petition stated, “Our client discovered that the suspects had no dollars to offer and had conspired to defraud him of his hard-earned money, sharing the funds among themselves.”
Alarmed by the suspected fraud, Ahmed immediately notified the banks where the funds were transferred, requesting that they halt the payments and refund the money. While one bank has refunded part of the money, the other has refused, claiming the account owner provided value for the money, which Ahmed disputes.
He expressed frustration that the bank did not demand evidence of this claim and has not taken action to freeze the account or return the funds.
Police sources have confirmed that detectives are interrogating bank officials and have arrested six suspected fraudsters, who have refunded some of the stolen money.
Efforts to reach the banks for comment were unsuccessful, as calls to their Head of Corporate Communications went unanswered.
The investigation continues as authorities work to uncover the full extent of the fraud and the involvement of the bank officials. The outcome of this case will be closely watched as it unfolds, highlighting the ongoing issues of financial fraud within the banking sector.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
