BEEDEL Strategic Investment Company, Moses Odeleye, for N816 million alleged fraud.peratives of the Police Special Fraud Unit (PSFU) Ikoyi, Lagos, have arrested the Managing Director (MD) and Chief Executive Officer (CEO) of
TheNewsGuru.com (TNG) gathered that Odeleye was apprehended after weeks of discrete investigation.
According to the police, The suspect forges Local Purchase Orders (LPOs) of multinational companies and use them to perpetrate fraud.
In a statement in which Odeleye’s arrest was disclosed, the Spokesperson for the Unit, SP Eyitayo Johnson said the suspect paraded himself on social media as a successful contractor with interest in Civil Engineering/Construction, Real Estate and Supply/Importation of Heavy Engineering Equipment.
The statement reads: “He was arrested in connection with the forgery of 11 Local Purchase Orders (LPOs) of five multinational companies operating in Nigeria and one Agency of the Federal Government.
“BEEDEL, as the suspect is popularly known, operates in connivance with former and current procurement staff of the companies whose LPOs were used to perpetrate the fraud.
“BEEDEL forged the LPOs of these companies, government agency and approached numerous banks and investment companies with a proposal to finance the LPOs which he cleverly tenured to be paid between 30-60 days, to make the LPO financing appear juicy.
“The suspect, using this modus operandi, was able to fraudulently obtain the sum of N816 million from two finance companies and diverted the same to fund extravagant lifestyles which includes building a mansion, office complex and purchase of exotic automobiles.”
The police spokesperson noted that BEEDEL had mastered the art of using cloned LPOs to consecutively secure huge sums via LPO financing from different banks/finance companies.
“He uses money from one bank, or finance company to settle his commitments to another bank/finance company, to maintain the fraudulent cycle of robbing Peter to pay Paul,” the statement added.
He would, however, be charged to court once the investigation is concluded.