Babatunde Oyerinde Abidoun, a.k.a. Kashy, – founder of music record label CashNation Entertainment – has been arrested by the Economic and Financial Crimes Commission (EFCC) for his alleged involvement in cyber crime.
Abiodun was arrested recently at his residence in Lekki Conservative Estate, Lagos State. Rising star, Barry Jhay is one of its signees. EFCC announced the arrest on Twitter.
According to the anti-graft commission, Kashy was arrested following intelligence gathered about his suspicious lifestyle.
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Abiodun allegedly used the proceeds of his fraudulent activities to fund his lavish lifestyle. The record label owner shuttles between Nigeria and the United Arab Emirates [UAE].
He was arrested after investigations linked his fraudulent activities to his domestic staff, Thomas Aliu Akwu. Akwu confessed to having accounts with various Nigerian banks such as UBA, Ecobank, GTB, Zenith Bank, and FCMB. He uses the accounts for receiving money on behalf of his boss.
Court Jails Six Yahoo Boys
In another development, the Ibadan Zonal Office of the EFCC has secured the conviction of six internet fraudsters.
Of the six, Justice Patricia Ajoku of the Federal High Court, Ibadan found five guilty of impersonation. They are Josiah Olafuyi, Abdul-Salam Abubakar, Blessing Opeyemi Omoyajowo, Bolaji John Alegbe, and Olawale Ayorinde Abdulaliyu, after being tried for impersonation.
Abdulaliyu bagged three months imprisonment; Olafuyi got four months; Abubakar and Omoyajowo got six months each, while Alegbe was sentenced to seven months in prison.
The sixth convict, Aremu Oluwatosin Akindele was sentenced to 11 months in prison after being tried in front of Justice Mohammed Abubakar of the Federal High Court, Abeokuta. The jail term takes effect from September 1, 2019, when he was arrested.
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