U.S. Department of Justice: The mastermind implemented a nationwide bank fraud and Money Laundering operation, stealing $2 million.

Gate News bot news, on June 30, the Federal Bureau of Investigation (FBI) of the United States stated that a "fugitive" Nigerian man was convicted for operating a nationwide banking business and a Money Laundering scheme, which involved more than 2 million dollars.

According to the latest press release from the U.S. Department of Justice (DOJ), 39-year-old Oluwaseun Adekoya, who resides in New Jersey, was convicted of bank fraud, Money Laundering, and nine counts of aggravated identity theft for masterminding the scheme.

Authorities stated that Adekoya obtained public information regarding people's Home Equity Lines of Credit (HELOC), identified individuals with substantial funds, and then used encrypted messaging applications to find private identifying information about the victims. Subsequently, Adekoya recruited a "massive network of managers" nationwide, sharing information with them and providing them with fake identification to impersonate bank customers and withdraw funds from the victims' accounts.

To avoid detection, Adekoya used disposable mobile networks and encrypted messaging applications to convey critical messages, and laundered money through bank accounts under other people's names. Authorities stated that Adekoya has been convicted multiple times for fraud-related crimes since 2008.

Federal agents have seized Adekoya's Rolex watch, a Tiffany engagement ring worth $51,000, designer handbags and shoes, and a bank account containing $26,000. Adekoya's sentencing will take place on October 30, where he faces a minimum of two years and a maximum of 32 years in prison.