Ten Nigerians and co-conspirators convicted in $125 million US-led transnational fraud bust

A US court has convicted Olalekan Bashiru, Emma Okereke, and 23 others for a $125 million cyber-fraud scheme. Read the details of the FBI investigation and asset seizures.

By: AXL Media

Published: May 1, 2026, 5:21 AM EDT

Source: Information for this report was sourced from Peoples Gazette

The Breakdown of a Transnational Cyber-Syndicate

Following a federal investigation led by the FBI, ten Nigerian nationals and 15 co-conspirators have been convicted for their roles in a massive transnational internet fraud ring. According to the U.S. Attorney’s Office for the Northern District of Ohio, the group successfully defrauded individuals, businesses, and organizations across the United States and several other countries of an estimated $125 million. The convicted Nigerians include Olalekan Bashiru, Emmanuel Okereke, Oluwafemi Michael Awoyemi, and others. While three defendants opted for a jury trial, the majority entered guilty pleas following a four-day court proceeding.

Sophisticated Business Email Compromise Tactics

The syndicate specialized in Business Email Compromise (BEC) and high-level cyberattacks. Prosecutors demonstrated that the group gained unauthorized access to the email accounts of individuals and business users to monitor private communications. By learning about their victims' business practices and contacts, the criminals sent convincing, fraudulent emails requesting payments for legitimate services. The reach of the scam was global, with victims identified in nations including Canada, Mexico, the United Kingdom, Germany, the United Arab Emirates, Australia, and Malaysia.

Money Laundering Through Shell Companies

The gang utilized a complex web of shell company bank accounts to distribute and launder the illicit proceeds. A critical component of the operation was the New Dolton Currency Exchange, a Chicago-area business owned by co-defendant Lon Goodman. Prosecutors alleged that approximately $50 million was converted into cashier’s checks through this exchange, despite explicit warnings from financial institutions that the checks were being obtained with stolen funds. In one notable instance, a single victim business was tricked into sending $2.7 million to an account controlled by the conspiracy.