Two members of syndicate sentenced to 12 Months imprisonment for mobile banking fraud
On Thursday, April 6, 2023, an Accra High Court convicted and sentenced two members of a criminal syndicate to 12 months imprisonment for their involvement in mobile banking application fraud and sim swap fraud.
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Linda Abakah and Solomon Ofosu were found guilty of conspiracy to steal, stealing and money laundering.
The court, presided over by Her Ladyship Justice Afia Serwah Asare-Botwe, (Mrs) J.A., sitting as an additional High Court Judge, also ordered the accused persons to pay a fine of two thousand (2000) penalty units each or in default serve twenty-four months in prison in hard labour.
It will be recalled that in April, 2022, the Economic and Organised Crime Office (EOCO) in a joint collaboration with the Ghana Association of Bankers (GAB) and the Ghana Police Service arrested a criminal syndicate based in Assin Fosu.
The syndicate was involved in mobile banking application fraud and sim swap fraud.
The court held that the two accused persons having been in custody for a significant period of six (6) months and the fact that the bulk of the benefit or proceeds of the crime has not been accrued to them they were given a relatively lenient sentence.
The other two accused persons, Derick Obeng aka Chilling and Ezekiel Otoo who were at large at the time of sentencing, were however charged with same offences.
According to reports, the syndicate operated using sim swap and mobile banking application fraud schemes.
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The mobile application fraud is an online scamming method in which monies are stolen through social engineering by luring customers of banks to divulge their phone numbers, passwords, pin codes, and One Time Password (OTP). After having access to these information, they take over the customer’s bank account, mobile and electronic cash.
The fraudsters fraudulently withdrew the remaining balance from the customers’ accounts at Agency Points. This was mostly achieved with the support of agents from the banks and staff of telecommunication companies to swap sim.
Through their fraudulent activities, customers’ mobile numbers were swapped without their knowledge and allowed the syndicate to gain access to their mobile banking application to steal funds. They were able to illegally withdraw an amount of GH₵257,472.22 from 11 customers.