Nigerian National Receives 10-Year Prison Sentence for $20 Million Cyber Fraud Scheme in US

A Nigerian national named Babatunde Francis Ayeni was recently sentenced to ten years in federal prison for his involvement in a large-scale cyber fraud scheme.

This operation, which targeted real estate transactions across the United States, resulted in financial losses amounting to nearly $20 million and affected over 400 individuals. Ayeni, who was residing in the United Kingdom at the time of his arrest, pleaded guilty to conspiracy to commit wire fraud in April 2024.

The fraudulent activities were executed through a sophisticated business email compromise scheme. Conspirators, operating from Nigeria and the United Arab Emirates, sent phishing emails embedded with malicious code to real estate professionals, including title companies, agents, and attorneys.

Once an employee clicked on these links, their email login credentials were captured and used by Ayeni and his co-conspirators to monitor transactions. They then sent fraudulent emails from compromised accounts, redirecting funds intended for legitimate real estate transactions into accounts controlled by the criminals.

The impact of this crime was profound, with 231 victims unable to recover their funds, leading to a collective loss of $19,599,969.46. During the sentencing hearing, U.S. District Judge Terry Moorer heard testimonies from nearly twenty victims, who expressed feelings of shame, despair, and depression due to the financial and emotional toll of the scam.

U.S. Attorney Sean P. Costello emphasized the major harm caused by cyber-enabled crimes and reiterated the commitment to pursuing justice against online fraudsters.

Paul Brown, Special Agent in Charge of the FBI's Mobile Division, highlighted the agency's ongoing efforts to educate the public about online dangers and encouraged victims of internet-based crimes to report incidents to the Internet Crime Complaint Center (IC3).

Co-defendants Feyisayo Ogunsanwo and Yusuf Lasisi remain at large, believed to be outside the United States, as authorities continue to seek their arrest and extradition. The case was investigated by the FBI with international cooperation, and Assistant U.S. Attorney Christopher Bodnar prosecuted the case with support from the Department of Justice Office of International Affairs.