The Managing Director (MD) of Platinum Multi-purpose Cooperative Michael Obasuyi, has been arrested by the Economic and Financial Crimes Commission (EFCC) for N11.4bn fraud.
The Lagos Zonal office of the EFCC said the Platinum Multi-purpose Cooperative Society boss was involved in an act of conspiracy, cybercrime and money laundering.
Obasuyi, who is also the Managing Director of Smartmicro Systems Limited, had written a petition in March 2018 to the commission against a company, a mobile and electronic payment provider.
However, in a dramatic twist, 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 was alleged to have approached the company in 2012 for the deployment of bulk purchase solution called “Corporatepay” 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 called “Fundgate” in 2017, which required Smartmicro to maintain a pre-funded settlement account with a first generation bank for settlement of 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. 4bn
Obasuyi, in his statement to the commission, 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.