Detectives from the Police Special Fraud Unit (PSFU) in Lagos have apprehended two suspects involved in a massive N1.23 billion airtime fraud scheme.
The suspects, identified as 32-year-old Timothy Oluwabukola Fashina, a student at Moshood Abiola Polytechnic (MAPOLY) in Abeokuta, Ogun State, and Anthony Imonina Odemerho, the proprietor of Resign Regal Academy in Benin City, Edo State, were taken into custody following a detailed investigation.
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The suspects are accused of fraudulently converting airtime worth N1.227 billion for their personal use. The arrests were made after one of Nigeria’s GSM operators filed a petition with the police, highlighting discrepancies in their revenue collection accounts as revealed by an audit report. This prompted PSFU detectives to launch an investigation.
Investigations revealed that between February and March 2024, Fashina allegedly collaborated with unidentified third-party web/application developers associated with the GSM company. These developers used a Virtual Private Network (VPN) to encrypt data, allowing the suspects to conceal their IP addresses and breach the GSM provider’s network using authorization keys to access the firm’s Application Programme Interface (API).
According to PSFU Public Relations Officer SP Eyitayo Johnson, the suspects manipulated the API functionalities, replicating N100,000 worth of airtime tickets multiple times. This allowed them to obtain airtime fulfillments amounting to N1.23 billion, which were transferred to various GSM numbers.
Johnson explained that Imonina downloaded the GSM provider’s mobile app from Playstore and signed in using Fashina’s phone number. Imonina requested a One-Time Password (OTP) from the GSM provider, which was sent to the phone hosting the SIM card. Fashina then provided the OTP to Imonina, who used it to gain access to the app. Once inside, Imonina converted the fraudulently obtained airtime to data and sold it to 52 unsuspecting subscribers, including individuals and companies.
The proceeds from the sale of the data, amounting to N1.315 billion, were traced to Imonina’s bank accounts. Imonina forwarded N1.220 billion to Fashina, retaining N87.5 million as his commission.
The Airtime fraud proceeds were used to acquire various assets, including 110 hectares of farmland in Iseyin, Oyo State, valued at N40 million, an uncompleted building in Abeokuta, Ogun State, valued at N6 million, a two-story warehouse in Abeokuta (value yet to be determined), stock inventory valued at N50 million, a towing/truck head valued at N24 million, a crypto wallet containing 21,000 USDT, gifts to friends worth N16 million, two Hiace buses, a Toyota Sienna, and a Volkswagen bus.
SP Johnson confirmed that criminal charges have been filed against the suspects at the Federal High Court in Ikoyi, Lagos. Efforts are ongoing to apprehend the third-party developers involved in the syndicate and to identify additional assets acquired with the fraud proceeds.
