10 Nigerians Convicted in US Over $125m Internet Fraud Scheme

10 Nigerians Convicted in US Over $125m Internet Fraud Scheme
The Nigerians were among 25 defendants found guilty of fraud and money laundering offences
About $50 million allegedly converted into cashier’s cheques processed through a Chicago-area money service business used to funnel the illicit proceeds

Ten Nigerian nationals have been convicted in the United States for their roles in a transnational internet fraud scheme that defrauded victims of about $125 million, Eko Hot Blog reports.

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According to the United States Attorney’s Office, the Nigerians were among 25 defendants found guilty of fraud and money laundering offences following a four-day trial at the United States District Court for the Northern District of Ohio.

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Those convicted include Oluwafemi Michael Awoyemi, Ayobami Osas Christopher, Emmanuel “Omo Igbo” Okereke, Olalekan “Ola Bash” Bashiru, Casey Adesulu Jr, Jeremiah Agina, Ademola Balogun, Olabode Bankole, Chukwuemeka Evulukwu and Ayorinde Emmanuel Adebayo.

Prosecutors told the court that the group operated Nigerian-linked cyber fraud networks that targeted individuals, companies and organisations across several states in the U.S. and beyond.

“Their objective was to gain access to e-mail accounts held by individual users. The co-conspirators would then monitor the communications and other activities of the individual email users to learn about their business practices and contacts,” the prosecutor’s office said.

Investigators said the hackers used the compromised accounts to send convincing fraudulent emails, tricking victims into making payments for what appeared to be legitimate business transactions.

The scheme extended beyond the U.S., with victims identified in countries including Canada, the United Kingdom, Germany, the United Arab Emirates and Australia.

10 Nigerians Convicted in US Over $125m Internet Fraud Scheme

Authorities revealed that once funds were received, the suspects used a network of fraudulent bank accounts and transfer systems to launder and distribute the money.

In total, the syndicate generated an estimated $125 million, with about $50 million allegedly converted into cashier’s cheques processed through a Chicago-area money service business used to funnel the illicit proceeds.

In one instance, prosecutors said a victim company transferred $2.7 million into a shell account controlled by members of the group.

Following their arrest by the Federal Bureau of Investigation, law enforcement officials seized nearly $1.2 million in cash, cryptocurrency and cashier’s cheques, along with luxury assets including high-end wristwatches and a residential property in Georgia.

The convicts are expected to be sentenced at a later date, with penalties to be determined based on their roles in the offences and prior criminal records.