BEEDEL Construction Company MD, Biodun Odeleye In Police Net Over Alleged N816M Fraud
By Editor
2 min read
The Managing Director and Chief Executive Officer of BEEDEL Strategic Investment Company, in Ibadan, the Oyo State capital, Mr Bukola Odeleye has been reportedly arrested by men of Nigerian Police over alleged N816 million (Eight Hundred and sixteen million naira) fraud.
BEEDEL strategic Investment company specialises in construction.
Odeleye was arrested on May 24, 2022 by the Police Special Fraud Unit (PSFU) Ikoyi, Lagos State after weeks of discrete investigation.
Information of his arrest was contained in a statement by the force spokesperson, SP Eyitayo Johnson, who said the suspect was nabbed for alleged forgery of 11 Local Purchase Orders (LPOs) of five multinational companies and one federal agency.
He was said to have allegedly paraded himself on social media as a successful contractor in Civil Engineering/Construction, Real Estate and Supply/Importation of Heavy Engineering Equipment.
The police also said that Bukola Odeleye allegedly operated in connivance with former and current procurement staff of the companies, saying that their LPOs were used to perpetuate the fraud.
The PSFU said with forged LPOs of companies and the government, he approached banks and investment companies with proposals to finance the LPOs.
The police noted that he diverted alleged fraudulent money to fund “extravagant lifestyles which includes building a mansion, office complex and purchase of exotic automobiles.
“He uses money from one bank, finance company to settle his commitments to another bank/finance company, to maintain the fraudulent cycle of robbing Peter to pay Paul.”
The PSFU posited that Odeleye would be charged to court as soon as the investigation was concluded.
