Home News Court remands two Bureau de Change operators for defrauding bank of N2bn

Court remands two Bureau de Change operators for defrauding bank of N2bn


An Ikeja High Court on Thursday remanded two Bureau de Change operators, Abass Mohammed and Ibrahim Jogal in prison custody for allegedly defrauding Union Bank Plc of N2 billion.

Justice Kudirat Jose remanded the defendants in Kirikiri Medium Prison after their arraignment by the Economic and Financial Crimes Commission (EFCC).

They are to remain in prison pending the ruling on their bail applications slated for Dec. 18.

Mohammed, 32, lives at No. 16, Malam Guma St., Idi-Araba, Lagos, while 36-year-old Jogal is of No. 13/17, Breadfruit St., Lagos.

The defendants are facing a three-count charge bordering on conspiracy to defraud and retention and use of proceeds of criminal conduct.

The EFCC counsel, Mr Taqiyudeen Aribi, alleged that they conspired with some other persons now facing trial before another Ikeja High Court to commit the offences on May 16, 2013.

Aribi said their co-conspirators had hacked into the bank’s database (Flexcube) and fraudulently removed N2 billion which was thereafter transferred into the accounts of the defendants.

He said their offences contravened Sections 33 (1) (b) and 323 of the Criminal Laws of Lagos State 2011.

NAN reports that the offence attracts a maximum of seven years imprisonment if they are found guilty.

The defendants, however, pleaded not guilty to the charge.


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