The Police Special Fraud Unit (PSFU) in Lagos detained Timothy Oluwabukola Fashina, a 32-year-old student from Moshood Abiola Polytechnic (MAPOLY) in Abeokuta, Ogun State, and Anthony Imonina Odemerho, Proprietor of Resign Regal Academy in Benin City, Edo State.
They are suspected of being involved in an airtime fraud amounting to N1.23 billion. The investigation unveiled that the suspects allegedly misappropriated airtime valued at N1.227 billion for personal use. This was discovered after an audit by a GSM operator revealed irregularities in revenue accounts.
The inquiry revealed that Fashina collaborated with unidentified third-party web/application developers of the GSM company between February and March 2024, using a Virtual Private Network (VPN) to encrypt data and gain unauthorized access to the company's network.
The suspects allegedly manipulated the GSM provider's Application Programme Interface (API) to replicate N100,000 worth of airtime tickets multiple times, which ultimately led to a total fraud of N1.23 billion.
Anthony Imonina reportedly downloaded the GSM provider's mobile app, utilized Fashina's phone number to request a One-Time Password (OTP), and subsequently gained access to the app with Fashina's assistance.
The fraudulently obtained airtime was then converted into data, which was sold to 52 subscribers, yielding N1.315 billion. The proceeds, including farmland, an uncompleted building, a warehouse, inventory, vehicles, and cryptocurrency, were traced to their accounts.
Criminal charges have been brought against the suspects, and efforts to apprehend the third-party developers involved are ongoing.
The PSFU is actively pursuing the apprehension of additional syndicate members and the identification of other assets acquired with the proceeds of the fraud.
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