A cybercriminal, Abass Mohammed and one Bureau De Change, (BDC) operator, Ibrahim Saidu Jogal, have been jailed for hacking into the Flexcube database of Union Bank and defrauded the bank of N2,550,000,000 (Two billion Five hundred and Fifty Million Naira).
Abass Mohammed was jailed for one year while Jogal was given three years.
The two men were convicted by Justice K.A. Jose of the State High Court sitting in Igbosere, Lagos on three-count charges bordering on conspiracy, retention and use of proceeds of criminal conduct contrary to Section 331(1)(b) of the Criminal Laws No. 11, Vol 44 of Lagos State 2011.
The conviction was secured by the Lagos Zonal office of the Economic and Financial Crimes Commission (EFCC).
The EFCC said it received a petition alleging that fraudsters had hacked into the bank’s database and diverted the sum of N2,550,000,000.
“Investigation into the petition revealed that the said money was fraudulently credited into the accounts of mostly BDC operators, including one Jaxmine BDC, Gona BDC and Great Well Communication,” the commission said in a statement.
“It was further revealed that Mohammed sourced for the account details of Jaxmine BDC from one of his friends, Lawal Ubah, who was a signatory to the account, and subsequently gave the details to one Salisu Liman (aka Zico), the ring leader of the syndicate. The sum of N450 million was then credited into the account.
“Subsequently, the sum of N79 million was transferred from the account of Jaxmine BDC into the account of Digare BDC owned by Jogal for the purpose of buying $500,000. Further investigations revealed that Jogal only paid $80,000 to Mohammed and kept the balance of $420,000.”