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News | Mon 10th Jul, 2023
Eleanor Mawrey, leading Callum Morgan (9KBW), successfully prosecuted Olamide Odulele following a trial at Inner London Crown Court. Mr Odulele received a 6 and a half year sentence of imprisonment. His co-defendant, Shazeb Iqbal had already received two and half years imprisonment in August 2021 having pleaded guilty in relation his role in the offence.
In September 2017, City of London Police were contacted by NEX Group PLC following the discovery that 29 fake invoices had been received and processed through their accounts department between 21st July – 25th August 2017. All of the fake invoices had been received as attachments within e-mails that were purportedly sent from the PA of the CEO, which were received in the shared email inbox within the accounts department at NEX. The invoices were identified as fake, as none of the companies requesting funds were legitimate. In addition, each of the invoices had what appeared to be the CEO’s signature authorising payment, which it was then confirmed, the CEO had not signed.
All of the fake invoices were processed by one member of staff called Shazeb Iqbal and evidence was found that directly linked the name Olamide Odulele as the author of the invoices.
Further evidence was found that linked Odulele to the fraudulent opening of bank accounts in the name of Dr Aamir Motiwala, whose identity he had stolen. These were also used as recipient accounts for NEX funds. A further account was also opened in the name of Aamir Motiwala and was used to launder funds, some of which was transferred directly to Odulele or accounts suspected to be under his control.
The total value of the 29 invoices was £668,924.80, however upon discovering the fraud, eight invoices were stopped before payment. NEX was also able to recover £116,892.02 from the banks. The final total loss was calculated as £364,740.50 from the 21 invoices that were paid into 20 separate bank accounts.
During the investigation, it was also discovered that Odulele opened further accounts using Dr Motiwala’s stolen identity to secure credit cards, loans and store accounts totalling £13,482.42.
Confiscation proceedings are to follow.
Call: 2001
