{"id":84887,"date":"2021-08-17T17:13:30","date_gmt":"2021-08-17T16:13:30","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=84887"},"modified":"2021-08-17T17:13:30","modified_gmt":"2021-08-17T16:13:30","slug":"n1-7bn-fraud-scandal-rattles-sterling-bank","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/n1-7bn-fraud-scandal-rattles-sterling-bank\/","title":{"rendered":"N1.7bn fraud scandal rattles Sterling Bank"},"content":{"rendered":"
Sterling Bank Plc is currently enmeshed in a N1.7 billion fraud scandal in which bank officials and a businessman colluded to siphon the said amount from a customer\u2019s account.<\/p>\n

The case which is currently before an Ikeja High Court, Lagos, details how an official of the bank, Ifeanyichukwu Shallom Isituah and a businessman, Ighodaro Austin Osaretin allegedly stole the sum of N1,790,558,000 belonging to a customer of the bank.<\/p>\n

An operative of the Economic and Financial Crimes Commission (EFCC), Adamu Mohammed, told the court that the agency received a petition with reference No: SB\/IAG\/12\/EFCC\/011 duly signed by the Head IT and Head Intelligence and Investigation on behalf of Sterling Bank.<\/p><\/div>\n

<\/div>\n
Mohammed, who works with the Team C Cybercrime department of the EFCC, while testifying on oath, said that the petitioner alleged that a customer\u2019s bank account was profiled via internet banking and the sum of N1,790,558,0 00.00 was transferred to various individuals and companies.<\/p>\n

While led in evidence by the prosecutor, N. M. Anana, the witness testified that preliminary investigation by the bank revealed that the second defendant\u2019s profile, Isituah, a female, was used to initiate the account on internet banking and more than 24 accounts got the same amount of money.<\/p>\n

\u201cInvestigation letters were sent to FCMB, Zenith, First Bank, Fidelity Bank and Access Bank. Responses were received from the banks and the statement of accounts were analysed. The analysis revealed that most of the company\u2019s accounts the money was transferred to were BDCs (Bureaux de Change).<\/p>\n

\u201cSome of them reside in Abuja, Kaduna and there was one address that we suspected to live in Lagos, Ndifreke Roberts. But all efforts to trace the address of Kaduna, Lagos and Abuja suspects did not yield any information to help the commission get them.<\/p>\n

\u201cOn March 10, 2020, the DSS handed over the two defendants to the commission under the instruction of the AGF (attorney-general of the Federation) for further investigation. The two defendants\u2019 statements were voluntarily taken under caution.<\/p>\n

\u201cThe first defendant revealed that he has a company called Universal Agriculture Empowerment Initiative as an NGO which received the sum of N60 million as part of the transfer from that Sterling Bank customer\u2019s account. He further stated that the money was received from one Osaretin (second defendant) and transferred to his account as a donation.<\/p>\n

\u201cThat he introduced one of his friends who is the owner of Villavon International School who also received N100m from the said fraud.<\/p>\n

\u201cHe further stated that he called a BDC in the name of Damo who owns Damoo Ten Ventures. Damo was invited to the commission and he volunteered a statement that the first defendant contacted him and he transferred N60 million to various accounts and further instructed the owner of the International School to transfer N95 million.<\/p>\n

\u201cThe dollar equivalent was received in cash by the first defendant. The first defendant further stated that the money was used at IDP camps around the country. I cannot remember the specific location but he mentioned a place in Borno and Adamawa”, the witness said.<\/p>\n

However, during cross examination by the defence lawyer, A. Okenile, the EFCC operative said that Sterling Bank gave the commission the information that the second defendant profiled the account for the alleged fraud.<\/p>\n

When asked what links the second defendant to the alleged fraud, Mohammed said, \u201cThe offence was committed at Sterling Bank and it was reported. The offence took place during a public holiday and the bank realized it on December 28. The accounts of the customer we are talking about has never been profiled for internet banking. So we had to understand how it was transferred, which was through internet banking.<\/p>\n

\u201cThe bank said the account doesn\u2019t have internet banking access and it was a staff that did it and the second defendant\u2019s profile was used to connect the account to internet banking. Without that profiling money cannot be transferred from that account.<\/p>\n

\u201cEven when the bank tried to contact her, she ran away. She was nowhere to be found. Not until the Department of State Services (DSS) traced, arrested her and handed her over to the commission\u201d.<\/p>\n

The matter was further adjourned till October 19 for continuation of trial.<\/p>\n

Abubakar Suleiman-led Sterling Bank in N1.7 billion fraud scandal
\nA branch of Sterling Bank in Lagos, Nigeria<\/p>\n

Recall, THE WITNESS reported how three staff of the bank were arrested recently by the Lagos zonal office of the EFCC over an alleged case of conspiracy, stealing, forgery and obtaining money by false pretence (OFP).<\/p>\n

Kagha Emmanuel Uchenna, Okoro Chinasom Davidson and Egbogu Emmanuel Obiora, all employees of Sterling Bank, allegedly conspired and defrauded a customer of the bank to the tune of N51,978,883.37.<\/p>\n

EFCC\u2019s investigation exposed the trio after forging the signature and National Identification Management (NIM) number slip of the customer, activated his mobile banking application and fraudulently withdrew the money.<\/p>\n

The suspects, who were arrested on July 7, at the Nsukka, Enugu branch of the bank, have since volunteered statements and have been charged to court by the anti-graft agency.<\/p>\n

<\/div>\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Sterling Bank Plc is currently enmeshed in a N1.7 billion fraud scandal in which bank officials and a businessman colluded to siphon the said amount from a customer\u2019s account. 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