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University students arrested for defrauding United Bank

17 September 2013, 10:35Henry Ifeanyi

Lagos – The Economic and Financial Crimes Commission (EFCC) has arrested two university undergraduates who allegedly hacked into the computer databases of financial institutions and defrauded them.

The commission said the two suspects are currently under investigation for defrauding Union Bank N 2billion (US$12 million).

The Head of Media and Publicity at EFCC, Wilson Uwujaren, said the suspects were arrested in Lagos and Jos following a petition forwarded to the commission by the management of Union Bank.

He said that suspects allegedly carried out the attack on the bank's flexcube database in January and falsified the bank records and accounts and created unjustified huge opening balances in several accounts across the bank's branches.

The EFCC spokesperson said the suspects subsequently transferred funds from those accounts to several accounts in other banks.

Uwujaren said that cash withdrawals and electronic transfers totalling N2 billion was involved in the scam.

EFCC initial investigations showed that a suspect he only referred to as Friday, who was carrying out computer system maintenance services for one of the Union Bank branches in Jos, Plateau State, on a -part-time basis, paved the way for the fraudsters to penetrate the bank's database.

Uwujaren said, "Friday was traced and arrested. His arrest led to the arrest of Azaaior Samuel. Investigations further revealed that one Samuel introduced Friday to Mahmoud, who is the mastermind of the fraud with others now at large. Mahmoud and other collaborators told Friday that they needed access to the bank's database in order to carry out some postings. They promised to give Friday N.5m if the deal succeeded,” Uwujaren said.

The EFCC spokesman added that the commission had been able to recover more than $2 million and another N134 542, from the suspected fraudsters.

- CAJ News


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