EFCC Arrests Platinum Multi-purpose Cooperative Boss, Michael Obasuyi, over N11.4bn Fraud …134 Buses, Houses in Lagos, Abuja, Edo, Rivers Traced to Suspect

Segun Atanda/

Investigation into a multi-billion Naira case of cybercrime and money laundering has led to the arrest of the Managing Director of Platinum Multi-purpose Cooperative Society Limited.

Michael Osasogie Obasuyi was arrested by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal office, for alleged offences bordering on conspiracy, cybercrime and money laundering to the tune of N 11, 498,944,038.29.

NewsmakersNG learnt that Obasuyi, who is also the Managing Director of Smartmicro Systems Limited, had written a petition in March 2018 to the EFCC against a company, a mobile and electronic payment provider.

Thereafter, there was a twist in the tale. The company had also written a counter-petition against Smartmicro and Obasuyi, thereby leading the Commission to begin investigations into the activities of Obasuyi.

Smartmicro allegedly approached the company in 2012 for the deployment of a bulk purchase solution called to facilitate payment of salaries of Delta State employees in microfinance banks.

It was also alleged that the company configured an additional outbound fund transfer solution in 2017, which required Smartmicro to maintain a pre-funded settlement account with a bank for settlement of the account it had initiated.

However, the company further alleged that the bank, sometime in March 2018, revealed that the settlement account was in debit of N11, 498,944,038.29.

NewsmakersNG also learnt that Obasuyi, in his statement to the EFCC, confessed to have committed the crime, stating that he created fraudulent and imaginary monies through the aid of Fundgate financial application from the company.

The Commission, in the course of investigation, has recovered a paper version of the programme called MicroSwitchServer1, which he allegedly used to create and post the imaginary monies.

He also admitted to have diverted to his personal use the sum of N7, 519, 381, 202 out of the total sum of N11, 498,944,038.29.

The Commission told NewsmakersNG that it has so far recovered the sums of N2, 903,727,563.92, $37, 992.87 and €18,538.09 found in Obasuyi’s accounts in various banks in the country.

Also, a total of 20 properties located in various parts of Edo, Rivers and Lagos states and Abuja, worth several millions of Naira, have been traced to Obasuyi, which were allegedly acquired with proceeds of crime.

Obasuyi, who also admitted to have purchased 134 buses from the proceeds of crime, runs the popular Platinum Cruise Transport Company.

NewsmakersNG further learnt that he will soon be charged to court as soon as investigations are concluded.

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