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Police Arrest Beedel Construction Owner Over Alleged N816m Fraud

An Ibadan-based businessman, Bukola Odeleye has been arrested by the Police Special Fraud Unit (PSFU) Ikoyi, Lagos State, for an alleged N816 million fraud.

According to the Police Spokesperson, SP Eyitayo Johnson Odeleye, the suspect is the MD/CEO of BEEDEL Strategic Investment Company.

Johnson, in a statement on Tuesday, disclosed that Odeleye was arrested on May 24, after weeks of discrete investigation.

He was nabbed for alleged forgery of 11 Local Purchase Orders (LPOs) of five multinational companies and one federal agency.

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The police said Odeleye paraded himself on social media as a successful contractor in Civil Engineering/Construction, Real Estate and Supply/Importation of Heavy Engineering Equipment.

The BEEDEL boss allegedly operated in connivance with former and current procurement staff of the companies whose LPOs were used, to perpetuate the fraud.

The PSFU said with forged LPOs of companies and the government, he approached banks and investment companies with proposal to finance the LPOs.

“He cleverly tenured to be paid between 30-60 days, to make the LPO financing appear juicy.

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“The suspect was able to fraudulently obtain the sum of N816 million from two finance companies,” the police said.

The police further noted: “He diverted same to fund extravagant lifestyles which include building a mansion, office complex and purchase of exotic automobiles.

“He uses money from one bank, finance company to settle his commitments to another bank/finance company, to maintain the fraudulent cycle of robbing Peter to pay Paul”, he added.

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The PSFU added that Odeleye would be charged to court as soon as investigation was concluded.

It was gathered that the Department of State Services (DSS) first arrested the businessman in March.

Odeleye put up construction adverts across Ibadan, the Oyo State capital, but no major development on the sites yet.

The suspect built his office on Ade-Oyo Hospital Road and mounted boards at the Ososami/Iyana Ade Oyo Junction, which showed him as a contractor.

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