Nigerian fraudsters jailed for $240m bank sting

by admin November 21, 2005 at 1:22 pm

… and bringing down a bank in the process…

Two of the perpetrators of the largest ever fraud in Nigerian history have been jailed for a total of 37 years.

According to Reuters, Emmanuel Nwude was sentenced to 25 years and Nzeribe Okoli to 12 years for their part in a scam which brought down Brazilian bank Banco Noroeste.

The two men agreed to forfeit assets worth $121.5m to victims of the scam.

In common with many frauds emanating from Nigeria, the crimes of Nwude and Okoli began with an email which promised a large commission to the duped third party on the completion of a business transaction ?¢‚Ǩ‚Äú in this case the awarding of a contract to build an airport.

Full story: