Ex-Offender Convicted And Sentenced To 12 Years for $1.4 Million Fraudulent Activity....KINDLY READ THE FULL STORY HERE▶

The Special Offences Court in Ikeja, Lagos State, has handed down a verdict against Kolawole Erinle, the Managing Director of Rinde-Remdex Nigeria Limited, sentencing him to 12 years in prison for defrauding Kansas City University of Medicine and Biosciences (KCUMB), United States, of approximately $1.4 million. This decision was communicated through a statement released on Friday by the Acting Head of Media and Publicity for the Economic and Financial Crimes Commission (EFCC), Mr. Dele Oyewale.

According to the statement, Justice R.A Oshodi found Erinle guilty on three charges, including conspiracy, retention of proceeds from criminal activities, and obtaining money through false pretenses. Two of the charges read, “Kolawole Adedayo Erinle and Edward Dada (who remains at large) conspired in 2019 in Lagos to falsely represent themselves as J.E. Dunn, a local construction company in America, with the intent to gain a monetary advantage of $1,410,000 by creating a fake domain name, jedunn.org, thereby committing an offense contrary to Section 8 of the Advance Fee Fraud and Other Related Offenses Act No 14, 2006.”

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Additionally, the court held that Erinle, along with Rinde-Remdex Nigeria Limited and Edward Dada, unlawfully retained control of $1,410,000 in an Access Bank account, which they knew to be proceeds from various internet and cybercrimes.

During the trial, the prosecution, led by T.J. Banjo, presented evidence demonstrating that Erinle had a prior conviction for bank fraud in the United States. Although Erinle initially pleaded “not guilty” to the charges, he later admitted his ex-convict status in the US and expressed a willingness to make restitution to his victim.

Justice Oshodi, in delivering the judgment, declared Erinle and his company guilty as charged and affirmed that the prosecution had effectively proven the case beyond reasonable doubt. The judge also emphasized that Erinle had premeditatedly spoofed the email address of J.E. Dunn’s financial controller, perpetrating fraudulent acts to divert funds meant for KCUMB.

Consequently, Justice Oshodi imposed a five-year sentence on count two and a 12-year sentence on count three, with the sentences running concurrently from February 10, 2023, when Erinle was remanded in custody by the court.

Rinde-Remdex Nigeria Limited was fined N50 million and ordered to be dissolved by the Corporate Affairs Commission (CAC), with the proceeds to be forfeited to the Federal Government of Nigeria. The convicted individuals were also directed to make restitution to the victim, and the properties and vehicles recovered from them by the EFCC were ordered to be sold, with the proceeds applied as restitution to the victim through the FBI. The court clarified that these funds, as recovered by the EFCC and the company, should be utilized for restitution, with room for the prosecution and the victim to seek full restitution.