Operatives of the Police Special Fraud Unit (PSFU) Ikoyi, Lagos, have arrested a businessman, Moses Odeleye, for an alleged N816 million fraud.
Police arrest man over N816m fraud after forging documents
The suspect, according to the police, forges Local Purchase Orders (LPOs) of multinational companies and use them to perpetrate fraud.
Odeleye, who’s the Managing Director (MD) and Chief Executive Officer (CEO) of BEEDEL Strategic Investment Company was apprehended after weeks of discrete investigation.
In a statement in which Odeleye’s arrest was disclosed, Spokesperson for the Unit, SP Eyitayo Johnson said the suspect paraded himself on social media as a successful contractor with interest in Civil Engineering/Construction, Real Estate and Supply/Importation of Heavy Engineering Equipment.
The statement read, “He was arrested in connection with the forgery of 11 Local Purchase Orders (LPOs) of five multinational companies operating in Nigeria and one Agency of the Federal Government.
“BEEDEL, as the suspect is popularly known, operates in connivance with former and current procurement staff of the companies whose LPOs were used to perpetrate the fraud.
“BEEDEL forged the LPOs of these companies, government agency and approached numerous banks and investment companies with proposal to finance the LPOs which he cleverly tenured to be paid between 30-60 days, to make the LPO financing appear juicy.
“The suspect, using this modus operandi, was able to fraudulently obtain the sum of N816 million from two finance companies and diverted the same to fund extravagant lifestyles which includes building a mansion, office complex and purchase of exotic automobiles.”
BEEDEL, according to the police spokesperson, had mastered the art of using cloned LPOs to consecutively secure huge sums via LPO financing from different banks/finance companies.
“He uses money from one bank, or finance company to settle his commitments to another bank/finance company, to maintain the fraudulent cycle of robbing Peter to pay Paul,” the statement added.
He would, however, be charged to court once the investigation is concluded.
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