FBI Arrests Kingsley Inegbedion For $1.5 Million Fraud; Accomplice Efemena Igbe Flees To Nigeria

The Federal Bureau of Investigation (FBI) has charged Nigerian tech entrepreneurs Kingsley Inegbedion and Efemena Igbe with a 16-count indictment for internet fraud and money laundering amounting to $1.5 million.

The indictment was filed on May 14 in the U.S. District Court for the Northern District of Georgia, Atlanta Division. The details involved how the two allegedly conducted romance scams and business email compromises between April 2020 and May 2023.

Inegbedion, a network engineer known for running training programs for aspiring tech workers in Atlanta, and Igbe, who has fled to Nigeria, created fake corporate entities to defraud unsuspecting U.S. citizens.

These entities had no physical locations or legitimate business activities. They were used to receive fraudulent funds from victims who believed they were engaging in legitimate transactions.

The fraud involved several banks, including HSBC, Citi Bank, Synovus Bank, Navy Federal Credit Union, Truist Bank, Associated Credit Union, and Georgia’s Own Credit Union. Victims were directed to wire money to accounts that appeared legitimate, but the funds were quickly redistributed to other accounts domestically and internationally to hide their origin.

The FBI uncovered significant fraudulent transactions. This includes a $50,120 withdrawal from Camtech’s Navy Federal account in February 2021 and a $60,000 withdrawal from a different Navy Federal account under Kingtech Global Auto in June 2021. Additionally, a $160,000 cashier’s check was purchased from Kingtech’s Truist account in September 2022.

The FBI’s investigation revealed that Inegbedion and Igbe conspired with unknown individuals who instructed victims through emails and other means to transfer funds to the fraudulent accounts. The indictment noted that the fraudulent entities did not generate legitimate income or pay wages to employees. This further shows the deceptive nature of their operations.

Igbe fled to Nigeria after being invited for questioning by security agents, leaving Inegbedion to face the charges. The FBI is seeking the return of the defrauded funds and the forfeiture of any property obtained through the fraud scheme.

“Upon conviction of the offences alleged in counts one through sixteen of this indictment, the defendants, Efemena Igbe and Kingsley Inegbedion, shall forfeit to the United States of America, pursuant to Title 18, United States Code, Section 982(a)(1), any property, real or personal, involved in such offence, and any property traceable to such property, including but not limited to a money judgment,” stated the FBI.

Shortly after the grand jury returned the indictment, Inegbedion was arraigned and taken into custody. Igbe remains on the run, however.

Read more about the case here.

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