City of London Fraudster Jailed for Six and a Half Years
A south Essex man has been slammed with a hefty prison sentence after helping to fake the CEO’s signature at a City of London foreign exchange firm.
Olamide Odulele’s Crime Spree Exposed
Olamide Odulele, 29, from Southend-on-Sea, was convicted of conspiracy to defraud and multiple counts of fraud by false representation. His crimes involved forging signatures to buy luxury goods and fraudulently applying for loans and credit cards under fake names.
City Police Hit Back at Fraudsters
Detective Chief Inspector Lee Parish of the City of London Police said: “This sentence sends a clear warning – fraud won’t be tolerated in the City. No matter how smart you think you are, the consequences catch up.”
“Odulele and Shazeb Iqbal clearly thought they could outsmart the banks and authorities, but they were wrong.”
“The City of London Police remains on high alert, dedicating resources to fight fraud and economic crime.”
The Fraud Uncovered
- In 2017, NEX Group PLC alerted police after spotting 29 fake invoices processed through their accounts.
- The invoices, sent via emails pretending to be from the CEO’s PA, included forged CEO signatures.
- Shazeb Iqbal processed all fake payments, while Odulele was linked as the author of the invoices.
- Odulele opened fake bank accounts under the name Dr. Aamir Motiwala to launder stolen funds.
- Total invoice value: £668,924.80, with eight payments stopped and £116,892.02 recovered.
- Final loss to NEX: £364,740.50 across 21 invoices paid into 20 different accounts.
- Odulele also took out loans, credit cards and store accounts using fake identities, adding £13,482.42 to his haul.
Shazeb Iqbal earlier pleaded guilty and received a 2½ year jail term in August 2021.
