Money Doubling Scam: 3 Nigerians Dele Ogunde, Biyi and others nabbed with fake $20M by UAE police

Money Doubling Scam: 3 Nigerians Dele Ogunde, Biyi and others nabbed with fake $20M by Dubai police

Three Nigerian men suspected to be the arrowheads of a money-doubling gang in United Arab Emirate have been nabbed by the Dubai police. The kingpins of the syndicate, Dele Ogunde, Biyi, and another are reported to be from Oyo and Ondo states of Nigeria. 

The three Yoruba men were reported to have been caught with fake currencies to the tune of $20 million in Sharjah, the capital of the Emirate of Sharjah and the third largest and third most populous city in the United Arab Emirates, forming part of the Dubai-Sharjah-Ajman metropolitan area

A senior police officer in Sharjah says the gang used fake currency to convince people that they can double their money and make them wealthy beyond belief. According to Colonel Ibrahim Al Ajill, Director of the Criminal Investigation Department (CID), many unsuspecting residents fell prey to the well-orchestrated scam and many of them had visited the police to complain about illegal activities carried out in an apartment in the Al Nahda area.

Following the tip off, a team of CID officers having  authenticated the claims raided the apartment. The raid was successful and the suspects were arrested red-handed with bales of fake currency notes. Original currencies like dollars, euros and dirhams were also recovered from them. They initially denied the fake currency belonged to them saying it was for someone else but the criminals later confessed to their crime and how they swindled people. 

Prior to the raid, many businessmen had approached the three suspects and gave them their money for doubling. Sharjah Police say two of the suspects came to the UAE on a visit visa while the third one is on a residency visa that was given to him in the name of commercial shop.