Nigerian Cybercriminal Sentenced to 10 Years for $20 Million Real Estate Scam
A Nigerian man has been sentenced to 10 years in prison in the United States for stealing nearly $20 million through cyber fraud. Thirty-three-year-old Babatunde Francis Ayeni, who previously resided in the United Kingdom, pled guilty and received his sentence this week.
Ayeni, along with two accomplices—Feyisayo Ogunsanwo and Yusuf Lasisi—executed a Business Email Compromise (BEC) scheme targeting real estate transactions in the U.S. The criminals sent phishing emails with malicious attachments to real estate agency employees, attorneys, and companies handling property transactions. After obtaining access to credentials, they monitored correspondence and intercepted messages about upcoming transfers. Posing as company representatives, they sent false payment instructions to buyers, diverting funds into their own accounts.
Of the more than 400 victims, 231 were unable to recover their funds, with the total losses amounting to $19,599,969.46. Many individuals lost their life savings intended for home purchases, leading to profound hardship. Several victims submitted statements to the court, describing feelings of shame and depression following the loss of their money.
The case materials detail instances where victims lost over $100,000. The stolen funds were used to purchase bitcoin via Coinbase, which was then transferred to three different addresses. Among the victims was a real estate transaction company in Alabama.
Ayeni’s two accomplices—Ogunsanwo and Lasisi—remain at large. Reports indicate that Ogunsanwo spent $40,000 of the stolen funds at a Louis Vuitton store in Dubai.
Nigeria frequently makes headlines in connection with the arrests of cybercriminals from the country. For instance, in September 2023, a Nigerian man was extradited to the U.S. over his involvement in a BEC fraud scheme. He faces up to 20 years in prison for conspiracy to commit fraud and money laundering. In another case, a Nigerian national was arrested for a BEC scam that led to a loss of over $7.5 million from a U.S. charity organization.
