Suspected Yahoo boys build hotel, houses with proceeds

Three suspected Internet fraudsters, popularly called
Yahoo boys, have been arrested by the Economic and
Financial Crimes Commission.
EFCC spokesman, Wilson Uwujaren said the suspects ─
Okpekereke Timothy, Stanley Odjighere, and Teminor
Karo ─ allegedly stole about N806m from a new
generation bank.
Uwujaren said the EFCC discovered that the suspects
had used the proceeds to fund some projects,
including a hotel, among others.
He said, "The EFCC has so far confiscated the following
property, which are proceeds of the crime from the
suspects; one uncompleted 59-room self-contain
hostel, a twin bungalow in Oghara, Delta State, one
uncompleted hotel project, one bungalow with a
swimming pool in Ughelli and a bungalow in Agbaro.
"Others are one Toyota Venza, 2010 model; two
Toyota Solara cars, 2010 model; two Toyota Camry
cars, 2010 model and two Honda Accord cars, 2005
model."
The EFCC spokesman explained that three suspects
were arrested on Wednesday, January 14, 2015 in
Port Harcourt, Rivers State.
"The trio are part of a syndicate arrested over
allegations of conspiracy, Internet scam and stealing
from one of the new generation banks to the tune of
N806, 208,000. Forty others are still at large.
"The theft was perpetrated through a system glitch
linked to the fraudsters, in which the bank suffered a
huge loss of more than N806m."
It was gathered that the bank had told the EFCC that a
review of transactions involving the bank with
Interswitch Nigeria limited revealed that the bank was
not reimbursed for the transactions consummated on
ATM terminals.
Uwujaren said, "It was discovered that while many of
the transactions involved were failed transactions, the
amounts involved were not reversed, and all the
customers were seen to have withdrawn the cash
amounting to the sum on each day it happened.
"The suspects will be arraigned in court as soon as
investigations are completed."