Lagos detectives from the Police Special Fraud Unit (PSFU) have arrested Timothy Oluwabukola Fashina, a 32-year-old student from Moshood Abiola Polytechnic (MAPOLY) in Abeokuta, Ogun State, and Anthony Imonina Odemerho, the proprietor of Resign Regal Academy in Benin City, Edo State, for allegedly committing an airtime fraud worth N1.23 billion.
The suspects reportedly converted airtime valued at N1.227 billion for personal use. Their arrest followed a petition from a Nigerian GSM operator, which discovered discrepancies in its revenue collection accounts through an audit report.
SP Eyitayo Johnson, PSFU Public Relations Officer, confirmed the arrests and provided details on the investigation. “Between February and March 2024, Timothy Fashina conspired with unidentified third-party web/application developers using a Virtual Private Network (VPN) to hide their IP addresses,” Johnson said. “They accessed the GSM provider’s network using authorization keys to manipulate the firm’s Application Programme Interface (API).”
According to Johnson, Fashina replicated N100,000 worth of airtime tickets multiple times using the unauthorized API key, leading to the fraudulent acquisition of airtime valued at N1.23 billion. He then collaborated with Anthony Imonina, who downloaded the GSM provider’s mobile app from Playstore and signed in using Fashina’s phone number.
“Anthony requested a One-Time Password (OTP) from the GSM provider, which was sent to Fashina’s phone. Fashina provided the OTP to Anthony, who used it to log into the app and convert the fraudulently obtained airtime to data. He then shared and sold this data to 52 subscribers, including individuals and companies,” Johnson explained.
The investigation revealed that N1.315 billion in payments for the sold data was traced to Anthony Imonina’s bank accounts. Imonina kept a commission of N87.5 million and forwarded N1.220 billion to Fashina.
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Johnson also detailed the assets acquired with the fraud proceeds: “The assets include 110 hectares of farmland in Iseyin, Oyo State valued at N40 million, an uncompleted building in Abeokuta worth N6 million, a two-story warehouse in Abeokuta with an undetermined value, warehouse inventory valued at N50 million, a towing truck head worth N24 million, a crypto wallet containing 21,000 USDT, gifts to friends amounting to N16 million, two Hiace buses, a Toyota Sienna, and a Volkswagen bus.”
The PSFU has filed criminal charges against the suspects at the Federal High Court, Ikoyi, Lagos. Efforts are ongoing to apprehend the third-party developers involved and to identify other assets acquired with the fraud proceeds.
The PSFU’s investigation highlights the complex nature of cybercrime and the lengths to which criminals will go to exploit technology for illegal gain. The arrest of Fashina and Imonina serves as a warning to others engaged in similar activities. “We are intensifying efforts to arrest the third-party developers and uncover all assets bought with the fraud money,” Johnson stated.
This case emphasizes the need for stringent measures and enhanced security protocols within the telecommunications sector to prevent such large-scale frauds in the future. The PSFU’s ongoing efforts aim to bring all involved parties to justice and ensure the integrity of Nigeria’s financial systems.