Robbing Peter To Pay Paul – Police Arrest Beedel Investment MD, Moses Odeleye, Over N816m Cloned LPOs’ Fraud
The Police Special Fraud Unit in Lagos State has confirmed the arrest of the Managing Director of Beedel Strategic Investment Co. Nigeria Limited, Moses Odeleye, over a fraud of N816m.
The PSFU spokesperson, Johnson, said a discrete investigation by the unit’s operatives led to Odeleye’s arrest on May 24, 2022.
He noted that Odeleye was arrested in connection with the forgery of 11 local purchase orders of five multinational companies operating in Nigeria and one agency of the Federal Government.
Johnson stated that the suspect (Odeleye) paraded himself on social media as a successful contractor with an interest in civil engineering, construction, real estate and supply, and importation of heavy engineering equipment.
He said, “Beedel (Odeleye), as the suspect is popularly known, operates in connivance with former and current procurement staff of the companies whose LPOs were used to perpetuate the fraud.
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“He forged the LPOs of these companies/government agencies and approached numerous banks and investment companies with proposals to finance the LPOs, which he cleverly tenured to be paid between 30 and 60 days so as to make the LPO financing appear juicy.
“The suspect, using this modus operandi, was able to fraudulently obtain the sum of N816m from two finance companies and diverted same to fund extravagant lifestyles, which includes building a mansion, office complex, and purchase of exotic automobiles.
“Investigation revealed that for over eight years, Beedel mastered the art of using cloned LPOs to consecutively secure huge sums via LPO financing from different banks/finance companies, while using monies from one bank/finance company to settle his commitments to another bank/finance company, to maintain the fraudulent cycle of robbing Peter to pay Paul.
“Beedel circumvented due diligence done by some of the banks/finance companies with the inputs of procurement staff of the companies whose LPOs were forged. These procurement staff conspired with the suspect to confirm invalid LPOs to third parties. The suspect will be charged to court as soon as the investigation is concluded.”