The police have arraigned five alleged internet fraudsters before Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos for allegedly hacking into Sterling Bank Plc’s banking platform and Bance Application, resulting in the theft of N1,257,536,572.50.
The defendants, Victor Ogochukwu, Favour Odey, Adekunle Daniel, Akachukwu Alagbogu, and Oguntade Yetunde, were docked before the court by operatives of the Police Special Fraud Unit (PSFU) in Ikoyi, Lagos on a three-count charge of conspiracy, hacking, and unlawful possession and conversion of funds.
The police prosecutor, Justine Enang, had earlier informed the judge that the defendants and others currently at large conspired and committed the alleged offences between November 3 and 4, 2024.
Enang also claimed that the defendants collaborated with both internal staff of Sterling Bank and external parties to compromise sensitive data and security systems using international mobile equipment identity (IMEI) numbers and IP addresses and executing 88 unauthorised transactions.
He stated that the offences violated sections 27(1)(b) and 14(1) of the Cyber Crimes (Prohibition, Prevention, etc.) Act of 2015, as amended in 2024, and section 14(1) of the same Act.
The prosecutor also maintained that their actions were contrary to and punishable under Sections 18(2)(b) and (d) of the Money Laundering (Prevention and Prohibition) Act of 2022.
All the defendants, however, pleaded not guilty to the charge.
Based on their plea, their lawyers argued their bail application, urging the court to admit their clients to bail under the most liberal terms.
However, Enang opposed the bail applications because the defendants posed a flight risk, and the offences against them were serious.
After listening to the lawyers, Justice Lewis-Allagoa granted them bail of N50 million, with one surety in the same sum.
The judge also directed that the surety own a landed property within the court’s jurisdiction.
Justice Lewis-Allagoa then adjourned the case until March 13 for trial and ordered that all defendants be remanded in the custody of the Nigerian Correctional Services (NCoS) until the bail conditions are met.
