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Home Crime

Beedel Company boss, Bukola Odeleye arrested over alleged N816m fraud

Victor Amadu by Victor Amadu
June 9, 2022
in Crime
Reading Time: 2 mins read
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Beedel Company boss, Bukola Odeleye arrested over alleged N816m fraud
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Bukola Odeleye, an Ibadan-based businessman, has been nabbed by the Police Special Fraud Unit (PSFU) in Ikoyi, Lagos State, for suspected N816 million fraud. ayokinews.com reports

Confirming the report was the PSFU spokesperson, SP Eyitayo Johnson, who identified the suspect to be the MD/CEO of BEEDEL Strategic Investment Company.

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Odeleye was detained on May 24 following weeks of discreet investigation, according to Johnson’s statement.

He was arrested on suspicion of forging 11 Local Purchase Orders (LPOs) from five international corporations and one federal agency.

Working under a guise, Odeleye advertised himself as a successful contractor in Civil Engineering/Construction, Real Estate, and Supply/Importation of Heavy Engineering Equipment on social media, the police stated.

Former and present procurement workers of the firms whose LPOs were utilized to commit the scam reportedly conspired with the BEEDEL boss.

According to the PSFU, he approached banks and investment organizations with falsified LPOs of corporations and the government, proposing to fund the LPOs.

“He cleverly tenured to be paid between 30-60 days, to make the LPO financing appear juicy.

Read: FBI recovers first tranche of $6 million from Mr Woodberry’s Bitcoin wallet

“The suspect was able to fraudulently obtain the sum of N816 million from two finance companies,” the police said.

The police revealed that Odeleye diverted same to fund “extravagant lifestyles which includes building a mansion, office complex and purchase of exotic automobiles.

“He uses money from one bank, finance company to settle his commitments to another bank/finance company, to maintain the fraudulent cycle of robbing Peter to pay Paul.”

Odeleye will be prosecuted in court as soon as the inquiry was completed, the PSFU said.

The businessman was originally arrested by the Department of State Services (DSS) in March, according to reports.

Odeleye put up building ads all across Ibadan, Oyo’s capital, but there hasn’t been any progress on the sites yet.

The suspect set up his office on Ade-Oyo Hospital Road and put up sign boards on Ososami/Iyana Ade-Oyo junction, clearly identifying himself as a contractor.

Check Also: Doing Business In Nigeria: Dealing With Incidents Of Fraud

Tags: BEEDEL Strategic Investment CompanyBukola OdeleyePolice Special Fraud Unit (PSFU)
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Victor Amadu

Victor Amadu

Victor Amadu is a Nigerian Content Writer, Columnist and Editor-in-Chief of online news portal, Ayoki News.

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