A Nigerian-British man, Oludayo Adeagbo, has been sentenced to seven years in prison for his involvement in a multimillion-dollar Business Email Compromise (BEC) scheme.
Saturday Telegraph reports that the 45-year-old Adeagbo fraud scheme targeted various entities in Texas, United States.
Targeted entities include Local Governments, construction firms, and a college in the Houston area.
Prior to his arrest and detention, he attempted to steal over $3 million along with his accomplices.l and he has also defrauded a university in North Carolina of more than $1.9 million.
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According to the U.S. Department of Justice, Adeagbo conspired to engage in multiple cyber-enabled BEC schemes.
He used fake email accounts and anonymous internet addresses to exploit innocent victims.
“The defendant operated a sophisticated 21st-century cyber-criminal enterprise,” said Alamdar S. Hamdani, attorney for the Southern District of Texas.
“BEC scams have become an epidemic, causing significant financial losses for individuals and businesses, eroding trust in digital communications, and threatening overall economic stability.”
However, Adeagbo pleaded guilty to one count each of wire fraud and conspiracy to commit wire fraud on August 8.
His extradition from the United Kingdom to face criminal charges in the U.S. demonstrates the commitment of law enforcement to pursue cybercriminals worldwide.
“Oludayo Adeagbo and his co-conspirators executed transnational cyber-enabled fraud schemes targeting schools, government entities, and businesses across the United States, resulting in millions of dollars in losses,” stated Nicole Argentieri, head of the Justice Department’s Criminal Division.
BEC schemes, also known as cyber-enabled financial fraud, are complex scams that target individuals, employees, or companies engaged in financial transactions.
Additionally, these scams involve criminals gaining unauthorized access to genuine email accounts.
Also, they set up fake email accounts to mimic those individuals or employees linked to the targeted businesses.
Individuals, businesses have been advised to take proactive measures to protect their financial security.