N607m Fraud: Arrest Of Masterminds Vindicated Us, Says Patricia

Nigerian Fintech, Patricia Technologies, has said that it has been vindicated with the arrest of the cyber criminals that perpetrated a N607million fraud to discredit the company’s name.

According to the company’s chief executive officer, Hanu Fejiro, the Nigeria Police Force recorded a breakthrough in the reported cybercrime perpetrated against Patricia Technologies with the arrest of Wilfred Bonse and three others after a thorough investigation into the case by the National Cybercrime Center of
the Nigeria Police (NPF-NCCC).

Patricia Technologies stated that it had earlier petitioned the Inspector General of Police to report the alleged fraud following a breach of its cryptocurrency trading platform, Patricia, in 2022.

The incident resulted into loss of funds belonging to depositors and led to the suspension of the platform by Patricia Technologies to curtail further compromise of depositors’ funds.

The company stated on Monday, November 20, that it had started the first phase of repaying depositors that lost money to the breach, and have relaunched its platform for operations.

The company stated that, according to the Force Public Relations Officer (FPRO), ACP Olumuyiwa Adejobi, during a briefing in Abuja on Friday, the ensuing investigation revealed a far-reaching criminal conspiracy involving the unauthorised modification of computer systems, network data, and the unlawful diversion of funds totaling
over N607million belonging to the petitioner.

The statement stated that Wilfred Bonse, the key player in the complex cybercrime arrested with three of his co-conspirators, is a prominent politician and former gubernatorial aspirant in Cross River State in the 2023 general elections.

“He was found to have masterminded the alleged crime by conspiring
with others, through the conversion of cryptocurrency wallets and diversion of the unauthorized 607 million Naira from Patricia Technologies’ Fluzerwave account to his bank account,” the company stated.

According to the CEO of Patricia Technologies, the conclusion of the Police investigation and eventual arrest of one of the perpetrators was a huge respite to the firm, as well as all its
stakeholders.

“This is a big relief. We have finally been vindicated as not a few disbelieved us that our platform was hacked in the first place. But thanks to the diligence of the Nigerian Police and the unwavering commitment of my colleagues, we are delighted that our customers now have
more reason to continue to trust us. The dark days are over.

“With this development, Nigerians can now see that we have always been a truthful, fair, and responsible organisation with the best interest of our customers at heart. We are happy that those who believed us have been vindicated, and those who doubted us have a compelling reason to renew their trust in Patricia Technologies. With our platform relaunched with stronger security and our commitment to Nigerians, renewed, we look forward to the new era with great Optimism,” the statement added.

The company said while the other co-conspirators remain at large, the Nigeria Police Force assured the public that comprehensive efforts were underway to ensure all involved in the criminal conspiracy were brought
to justice.