The long arm of the law has finally caught up with alleged serial fraudster, Olaogun Babatunde, who was arrested by the Police Intelligence Response Team (IRT) over a brazen N5 million fake bank alert scam.
Babatunde, said to be on the wanted list of the Economic and Financial Crimes Commission (EFCC), was tracked and apprehended in Lokoja, Kogi State, after allegedly duping a female victim through a carefully staged bank alert fraud.
Sources revealed that Babatunde had previously been arrested in 2018 by the Lagos State Rapid Response Squad (RRS) for allegedly defrauding a businessman at Computer Village, Ikeja. In that incident, he reportedly generated fake credit alerts to cart away computers valued at N4.6 million.
Despite his past brush with the law, Babatunde allegedly continued his fraudulent activities.
According to investigators, his latest scheme involved generating a fake N3.5 million bank alert in favour of one Chidinma Vivian Okwenna, after collecting new naira notes from her.
It was gathered that Babatunde met the victim through social media, presenting himself as a legitimate businessman. After gaining her trust, they exchanged phone numbers and continued communication.
On December 9 last year, the suspect allegedly met the woman at First Bank, Wuse Zone Two, Abuja, where he requested N5 million in new notes, claiming his boss urgently needed the cash.
The woman reportedly mobilized funds and was able to raise N3.5 million, which she handed over to Babatunde inside the bank premises.
In a swift move, Babatunde allegedly generated a fake credit alert of N3.5 million through a Zenith Bank account and sent the notification to the victim to convince her the transfer had been completed.
Moments later, he reportedly excused himself, claiming he had a meeting to attend.
That was the last she saw of him.
“Immediately he stepped out of the bank, he blocked the woman on all social media platforms and mobile lines,” a source disclosed. “All efforts to reach him proved abortive.”
The distraught victim eventually reported the matter to the FIB-IRT Central Base, prompting an investigation. Intelligence operatives tracked Babatunde to Lokoja, where he was arrested.
Investigators reportedly obtained his bank statement, which allegedly showed that he had only N24,000 in his account on the day of the fraudulent transaction; far from the N3.5 million he claimed to have transferred.
Under interrogation, Babatunde allegedly confessed to using fake bank alerts to purchase goods worth billions of naira over time. He also reportedly admitted to defrauding multiple traders in Lagos and other cities.
Sources further disclosed that Babatunde typically targeted women on social media, posing as a dealer in wigs, clothing, and other female fashion items to gain their trust before executing his scams.
As investigations continue, authorities say further charges may be filed against the suspect.
For now, Babatunde remains in custody; his alleged web of deception finally unravelled.
