GTBank, Account Managers Under Investigation For $667,000 Fraud

Guaranty Trust Bank (GTBank) is being investigated by the Police Special Fraud Unit (PSFU) over alleged fraudulent transactions of $667,000 involving GTBank. It was gathered that 35 GTBank accounts were used to commit the fraud by former GTBank staff.

GTBank and two others, Albert Austine Ugochukwu and a limited liability company, Tasmara Integrated Services Limited, were dragged to the Federal Court in a suit marked FHC/L/CS/586/2020 and presided over by Justice Ayokunle Faji. The case involves money laundering and Advance Fee Fraud.

The GTBank Accounts Involved In The Fraud

205/153068; 228/678179; 402/649701; 220/876518; 224/980764; 220/877573; 220/877598; 220/885941: 209/822101; 209/823832; 246/296004; 246/297322; 265/231545: 265/231511; 265/229254; 246/340436; 265/231542; 265/231625; 220/885852, 209/839097; 214/8682312; 220/886856; 220/886871; 220/886875; 246/340330; 246/344649; 251/292171; 251/292201; 265/231490; 220/886879; 220/886839; 220/886802; 251/292261; 265/231474 and 220/886811.

[READ ALSO: GTBank Accused Of Using Customer's Money To Play Bet, As Customers Lose About N770,000]

The Fund Is Proceed Of Fraud Involving GTBank Former Staff

Investigation into the fund began after GTBank Headquarters' General Manager, Segun Fadahunsi and Senior Manager, Lanre Kasim, petitioned the police to disclose that former staff of the bank, Albert Austin Ugochukwu, fraudulent acquired $667,000 with the 35 GTBank accounts.

Ugochukwu had opened the accounts through a company name, Tasmara Integrated Services Limited - which was registered under the Corporate Affairs Commission (CAC) on November 27, 2019 - and used it to launder money. The petition was dated March 26, 2020, four mouths after the company was registered with CAC. According to the Special Fraud Unit of the Nigerian Police, during investigation, it realised the said fund was a proceed of fraud.

Police Seek Restriction On The Fradulent GTBank Accounts

In order to prevent the fund from being transfered, the Police seeked the courts to restain GTBank from debiting or allowing withdrawals from the 35 accounts. The Police want the restriction placed on the accounts as investigation is still ongoing. The police plans to interrogate the account officers of the 35 accounts and have requested the court to order them to present themselves for interrogation, and to also provide accounts document starting from January 1, 2018 till date.

Other requested documents include names and addresses of signatories to the accounts; photocopies on the mandate cards; Bank Verification Number linked to the accounts and certificate of computer printout in compliance with Section 84 of the Evidence Act. The police said the documents are crucial to unravel the fraudlent activities involving the 35 accounts.

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The court order would prevent GTBank - which is headed by Segun Agbaje - from lifting the restriction and allow perpetrators to withdraw the fund amidst investigation, as it could affect the investigation process.

GTBank Accused Of Using Customer's Money To Play Bet, As Customers Lose About N770,000

The fraudulent transactions of $667,000 involving GTBank comes after GTBank was involved in series of fraudulent transfers from customers' accounts. Customers accounts were debited illegally, with the money transfered to bet companies. There are assertions that GTBank is reportedly using customers money for betting without authorisation, as customers money are being debited for betting only in recent times.

Series Of Fraudulent Debits In Customers' GTBank Accounts

One of the affected customer, Funke Adeoye said GTBank transferred NGN200,000 from her account balance to an account belonging to Bet9ja, but gave her flimsy reasons for the deduction, and another GTBank customer, Abimbola Omolade, said NGN45,900 was transfered from his GTBank account to a Sporty bet account.

While Hannah Obeahon, an Agricultural economist, said her sister's GTBank's account was illegally debited, with about NGN500,000 transferred to Sporty bet account. According to Obeahon, the amount was deducted by batches, NGN10,000, to NGN50,000 until about NGN500,000 was illegally transferred to the Sporty account. Click this link to read Full Story.