A British-Nigerian national, Oludayo Adeagbo, has been sentenced to seven years in prison in the United States for his involvement in a large-scale cyber fraud scheme that defrauded U.S. entities of over $5 million. The scheme, known as Business Email Compromise (BEC), targeted multiple organizations across Texas, North Carolina, and Virginia.
According to the U.S. Department of Justice, Adeagbo, who also goes by the aliases John Edwards and John Dayo, orchestrated the elaborate fraud scheme along with two other Nigerian nationals, Donald Echeazu and Olabanji Egbinola. The conspiracy was designed to steal funds from local government agencies, construction companies, and even an educational institution in Houston, Texas.
The fraud began in 2022 when Adeagbo and his co-conspirators used fake email accounts to impersonate businesses and organizations that the victims frequently worked with. Court records revealed that they specifically targeted significant construction projects, including a multimillion-dollar development at a North Carolina university, ultimately diverting over $3 million in total from Texas entities, along with an additional $1.9 million stolen from the North Carolina university.
The three men, who were living in the United Kingdom at the time, were extradited to the U.S. to face charges of conspiracy, wire fraud, and money laundering. The case has drawn significant attention as it highlights the growing threats of cyber-enabled financial fraud, where hackers use sophisticated techniques to steal large sums of money from unsuspecting victims.
On April 8, Adeagbo pled guilty to two separate charges related to his involvement in the cyber fraud scheme. His sentencing marks a significant milestone in the ongoing crackdown on BEC schemes, which have become increasingly prevalent in recent years.
The U.S. Department of Justice has stated that Adeagbo’s sentence serves as a warning to those involved in cybercrime and underscores the global nature of such crimes, as perpetrators continue to exploit digital vulnerabilities to carry out fraudulent activities.
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