CashNation Boss Arrested For Alleged Internet Fraud
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Operatives of the Economic and Financial Crimes Commission [EFCC], Lagos Zonal Office, have arrested the owner of CashNation Ent. Ltd., one Babatunde Oyerinde Abidoun, a.k.a. Kashy.
The owner of CashNation was arrested for his alleged involvement in cyber crimes.
He was arrested recently at his residence in Lekki Conservative Estate, Lagos.
His arrest followed intelligence gathered overtime about his suspicious lifestyle.
Abiodun, who shuttles between Nigeria and the United Arab Emirates, UAE, allegedly used the proceeds of his fraudulent activities to fund his lavish lifestyle.
Investigations linked his fraudulent activities to his domestic staff, Thomas Aliu Akwu.
Akwu confessed to having different accounts domiciled in UBA, Ecobank, GTB, Zenith Bank and FCMB and also receiving money for his boss through the accounts.
Items recovered from the suspect at the point of arrest include a white 2013 Bentley Continental and Mercedes Benz GLK 350.
CashNation is also tagged a music record label.
The suspect will soon be charged to court as soon as investigations are concluded, according to EFCC.
Before CashNation there was Hushpuppi
His arrest is coming on the heels of the arrest another internet fraudster, Raymond Igbalode, also known as Hushpuppi.
Ray Hushpuppi’s Instagram fame and display of luxury helped Dubai Police arrest them for Fraud.
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Their cybercrime squad was involved in $435.6 million (AED1.6 billion) scams.
The Dubai Police revealed that Hushpuppi’s principal scam was to create websites that looked identical to well-known companies and banks.
The gang hacked corporate emails and directed huge payments by companies towards accounts they controlled.
The gang had 119,580 “fraud files” as well as addresses of more than 1.92 million victims.
It’s also reported that the successful raid resulted in confiscation of incriminating documents pertaining to a well-planned international fraud, worth Dh1.6 billion (N168 billion).
The anti-cybercrime task force was able to track the gang members and detect their criminal activities.
13 luxury cars, valued at an estimated $6.8 million were confiscated along with other things.
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