Two Arrested For N400 Million Fraud Using Moniepoint Profiles

Two Nigerians, Saidu Adam Usman and Yusuf Umar, were arrested for stealing over N400 million by creating fraudulent Moniepoint accounts and using them for illegal transactions across states.

The Nigeria Police have arrested two men, Saidu Adam Usman and Yusuf Umar, for their involvement in a fraudulent scheme that stole over N400 million using multiple Moniepoint accounts.

They were among 82 suspects arrested in January for various financial crimes, including internet fraud, romance scams, identity theft, and cryptocurrency fraud.

Olumuyiwa Adejobi, the Force Public Relations Officer, confirmed the arrests in a statement on Thursday. He explained that the police, through their National Cybercrime Centre (NCCC), had arrested 32 additional suspects across the country in a major crackdown on cyber-related crimes.

According to Adejobi, Adam and Umar used pre-registered SIM cards and email addresses to create fake Moniepoint profiles. These profiles were then distributed to local accomplices in different states for KYC (Know Your Customer) verification. They fraudulently obtained Bank Verification Numbers (BVNs) and KYC details from unsuspecting individuals.

Once the KYC process was completed, the suspects would change the passwords to secure the accounts, which were later used by their unknown foreign contractor.

In addition to the N400 million fraud, Adejobi also revealed another arrest in January. Rabiu Aliyu Salisu, also known as Rabo, was arrested for defrauding an American woman, Deborah Woods, of $597,000. Salisu had assumed the identity of an American citizen, Matthew Ramsey, to carry out identity theft, computer-related fraud, and money laundering.

The police also arrested Idowu Smart Emmanuel after a petition was filed against him for cyberstalking, defamation, and false accusations. Emmanuel admitted to the charges, confessing that his allegations were false.

Adejobi emphasized that these operations demonstrate the Nigeria Police Force’s commitment to the country’s action plan and efforts to remove Nigeria from the FATF Grey List. He also warned against the misuse of social media for fraud and other cybercrimes.

He urged the public to be cautious when engaging in online transactions and to verify the legitimacy of operators before making large financial dealings.

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