Scandal Hits Fintech Giants OPAY and MONIEPOINT as Bauchi Businessman Defrauded of N120m
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The Bauchi State Police Command has apprehended 34-year-old Glory Samuel for his alleged involvement in a major fraud case, which saw a local businessman swindled out of a staggering N120 million.
In a press statement released by the Police Public Relations Officer, Ahmed Wakil, on Wednesday, it was revealed that the arrest followed a complaint filed on April 1, 2024, regarding suspicious withdrawals amounting to N2,068,000 from the victim’s company bank account.
Wakil stated, “Under the directive of the Commissioner of Police, Auwal Mohammed, the State Intelligence Department launched an immediate investigation. Their diligent work uncovered that the suspect had illicitly withdrawn a significant sum of N120 million from the complainant’s account.”
During questioning, Samuel confessed to exploiting the trust of a neighbor he had shared a market space with for over 15 years. He disclosed that a friend he met at the Federal Polytechnic Bauchi in 2011, before dropping out of Computer Science, persuaded him to make money by accessing a wealthy individual’s phone. Samuel deceitfully borrowed the complainant’s phone, enabling his accomplice to install financial applications such as OPAY and MONIEPOINT.
“This access allowed them to transfer substantial amounts to various bank accounts on multiple occasions,” Wakil added.
The police statement also revealed the extent of Samuel’s fraudulent gains, including the recovery of eight tricycles, N35 million in cash, two uncompleted buildings, 60 bags of cooking charcoal, 30 bags of fertilizer, two motorcycles, and two industrial sewing machines.
Samuel’s sudden change in lifestyle raised suspicions among his uncle and girlfriend, whom he assured that his newfound wealth came from an online business. This revelation has cast a shadow over the security and trustworthiness of prominent financial apps OPAY and MONIEPOINT, highlighting potential vulnerabilities and raising concerns among their user base.
