Police nab businessman over alleged N816 million fraud

Police nab businessman over alleged N816 million fraud
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One Moses Odeleye, a businessman, has been arrested and detained by the Police Special Fraud Unit (PSFU) in Ikoyi, Lagos, for a suspected N816 million fraud.Police nab businessman over alleged N816 million fraud

Eyitayo Johnson, the unit’s spokesperson, announced the suspect’s arrest on May 24 after weeks of discreet investigation in a statement released on Tuesday.

The statement reads;

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. The suspect paraded himself on social media as a successful contractor with interests in civil engineering/construction, real estate and supply/importation of heavy engineering equipment. 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 a proposal to finance the LPOs which he cleverly tenured to be paid between 30-60 days, to make the LPO financing appear juicy.”

According to Mr. Johnson, the suspect, who is the MD of BEEDEL Strategic Investment Company, was able to defraud two finance businesses out of N816 million.

He was also said to have used the money to live a lavish lifestyle.

According to the PSFU spokesman, the BEEDEL MD mastered the technique of exploiting cloned LPOs to collect large sums of money over an eight-year period.

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.”

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