Beedel Strategic Investment MD in Police Net Over N816m Fraud

The Nigerian Police, Lagos Command, has arrested the Managing Director of Beedel Strategic Investment Co. Nigeria Limited, Moses Odeleye, over alleged N816m fraud. He was arrested on on Tuesday, May 24, 2022, following discrete investigation by police operatives.

Command spokesperson, SP Eyitayo Johnson, explains that PSFU operatives picked up Odeleye in connection with the forgery of 11 Local Purchase Orders, LPOs, of one agency of the federal government and five multinational companies operating in the country.

According to SP Johnson, Odeleye paraded himself on social media as a successful contractor with interest in civil engineering, construction, real estate and supply, and importation of heavy engineering equipment.

Odeleye, he added, connived with procurement staff of the affected organizations, using their LPOs to perpetuate the fraud. He alleged that Odeleye forged the LPOs before approaching several banks and investment companies with proposals to finance same within two months. He is said to have succesfully fleece two finance companies which he allegedly diverted to fund extravagant lifestyles,

“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 perpetrate  the fraud.

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 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.”

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