Scam Alert: EFCC Arrests Fraudster Over N5m

The Economic and Financial Crimes Commission (EFCC) has arrested one one Wale Olaide (a.k.a Wale Dollar), who it said specialises in defrauding unsuspecting members of the public through fraudulent bank credit alerts. Olaide met his waterloo when he duped a bureau de change operator, one Abdulhamid Abubakar, of N5m.


A statement from the EFCC head of media and publicity, Wilson Uwujaren, on Sunday, said Olaide, who was arrested on July 31, 2013, had contacted Abubakar’s younger brother who is also a bureau de change operator based in Lome, Togo Republic, Hashim, that he (Olaide) wanted to purchase N5m equivalent of CFA Francs. Olaide requested for the victim’s bank account number to enable him pay in the naira equivalent.

Hashim asked Abubakar to send his First Bank Account details to Olaide.

Abubakar acted immediately, sent his account details and after a while, he received an alert supposedly from his bank that N5m had been credited to his account domiciled at the Seme Border branch of the bank.

Upon receiving the alert, Abubakar informed his brother who in turn released the CFA Franc equivalent of N5m to Olaide.

Abubakar therefore went to the bank the next day to withdraw the money, but to his dismay, found his account balance didn’t reflect the said N5m transaction.

He complained to the bank manager and his statement of account was rolled out but the transaction was not reflected.   The victim thereafter approached the commission for intervention.

The EFCC spokesperson said “Series of investigative initiatives by the EFCC yielded the arrest of Olaide who is believed to be a member of a deadly syndicate involved in duping unsuspecting members of the public through fraudulent bank notification alerts.”

Source: Leadership