First bank PoS merchant sent to prison for fraud

The Economic and Financial Crimes Commission, EFCC, Makurdi Zonal Office on Wednesday, secured the conviction of Eze Shedrach, a First Bank, Point of Sales (PoS) agent (First Moni) before Justice Mobolaji Olajuwon of the Federal High Court, Makurdi, the state capital, on a one-count charge that bordered on cyber crime.

Trouble started for Shedrach when one of his customers collected N105,000 from him and issued him an ATM card with which he made an electronic replacement of the sum through his PoS machine.

He effected the transfer not knowing that the ATM card issued to him by the customer was stolen. Shedrach’s inability to find out the status of the ATM card followed his failure to identify the customer properly before the transaction.

Investigation by the Commission revealed that Shedrach as First Bank’s Point of Sales (PoS) agent was in the habit of carrying out financial transactions without proper documentation of his customers upon withdrawals.

The withdrawal of N105,000 done on his POS machine on 28th April, 2019 was with a stolen ATM card belonging to the victim; and could not be traced in his ledger as there is no documentation to that effect.

A complaint of fraudulent withdrawal from Oodo Rose, the owner of the ATM card, led to Shedrack’s arrest and prosecution by the EFCC.

The one-count charge reads: “That you Eze Shedrach being a First Bank Service provider as a Moni Agent on the 28th of April, 2019 at Ikpayongo Town, within the jurisdiction of this honourable court, failed to obtain proper identification of your customer before executing the customer’s electronic instruction using First Bank Plc ATM card issued to one Oodo Rose on your Point of Sale (POS) to withdraw the sum of N105,000.00 (One Hundred and Five Thousand Naira) only and thereby committed an offence contrary to and punishable under Section 37(2) of the Cyber Crime (Prohibition, Prevention etc) Act, 2015 and punishable under the same Act.”

Shedrach pleaded guilty to the charge. In view of his plea, the prosecuting counsel, Y. Y. Tarfa urged the court to convict him in accordance with the plea bargain agreement he reached with the Commission.

Justice Olajuwon found Shedrack guilty and convicted him. He ordered him to pay a fine of N500,000 (Five Hundred Thousand Naira) to the Federal Government and in addition, pay the sum of N100,500 (One Hundred Thousand, Five Hundred Naira) only to the complainant as restitution.

He is to remain in prison pending the payment of the fines.