N11.4b fraud: EFCC nab Edo biz mogul for false information

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By Mary BASSEY, Staff Investigator, Lagos.

IN a rather twist of fate, the Economic and Financial Crimes Commission, EFCC is currently detaining an Edo State born business magnate, Mr. Michael Obasuyi who  was an earlier complainant in an alleged N11.4b fraud against his conglomerates.  Sources said the complainant turned suspect had written a petition to the anti-graft commission sometime in March 2018 against one Mobile firm accusing it of defrauding his group of companies to the aforementioned tune. But while the anti-graft agency was about commencing a probe into the weighty petition, sources said, it received a counter petition from the Mobile company it was about probing; adding that it was on the strength of it that the Edo State born business mogul and chairman of several companies was being held for allegedly playing the fast one the anti-graft agency. According to the anti-graft agency, Mr. Obasuyi who is the Managing Director of Platinum Multi-purpose Cooperative Society Limited and Smart Micro Limited had approached the Mobile Communication firm some time in 2012 for bulk purchase solution tagged  ‘Coporatepay’ with a view to paying salaries of Delta employees in the Micro finance banks adding that the  Mobile company further configured another fund transfer also called ‘Fundgate’ in 2017 which would assist Obasuyi’s Smart Micro finance bank maintain a ‘pre-funded settlement account with an unnamed commercial bank but unknown that  Obasuyi’s Smart Micro-finance bank was indebted to the tune of N11.4b .

A statement obtained from the EFCC office which said the fraud was detected in March 2018 gave the figure of the indebtedness to the tune of N11, 498,944.038.29. Said the statement: “In his statement to the Commission, he confessed to have committed the crime adding that  created a fraudulent and imaginary monies through the aid of Fundgate financial application from the company. The commission in the course of investigation, has recovered a paper version of the programme called McroSwiftServe1, which he allegedly used to create and the post the imaginary monies. He also admitted to have diverted to his personal use the sum of N7.519, 381,201 out of the total sum of N11.498,944.038.29. already, the Commission informed that it had recovered N2, 903,727,563,92.87 and $18,538.09 in Obasuyi’s several bank accounts across the country including twenty properties located in Abuja, Edo, Rivers and Lagos States traced to Obasuyi worth several millions of naira suspected to have been acquired with the proceed of the fraudulent activities.

The statement further said, “Obasuyi who also admitted to have purchased 134 buses from the proceeds of crime also runs the popular Platinum Cruise Transport Company. He will soon be charge to court as soon as investigations are completed.”


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