Funmi Abimbola, a 26-year-old former Bank of Ireland employee, has been sentenced to three years in prison for his involvement in facilitating the operations of the Black Axe criminal syndicate, one of the world’s most dangerous and sophisticated organised crime groups. Abimbola, a highly educated individual with a Master’s in Human Resources, used his position at the bank to help launder money for the gang, which is infamous for a variety of illicit activities, including fraud, human trafficking, and drug and gun crimes.
Abimbola’s involvement with the Black Axe came to light during an investigation by the Garda National Economic Crime Bureau (GNECB) into the group’s illegal operations in Ireland. The gang, which originated in West Africa but has a global reach, is known for its methodical approach to money laundering. Abimbola helped the group by managing money mules, controlling bank accounts, and moving illicit funds across borders.
His extravagant lifestyle—marked by expensive clothing, jewellery, and a Mercedes car—caught the attention of authorities. Investigators linked him to the theft of over €1 million from a solicitor’s office in November 2020 as part of an invoice redirection scam. While €700,000 was recovered, ten individuals were convicted for laundering the money.
The Black Axe criminal group uses a highly coordinated business model that involves opening bank accounts with fake documents, committing crimes, and laundering the stolen funds through different countries. Their operations have been tracked by both Gardaà and Interpol, who emphasize the group’s complex and ever-evolving money-laundering methods.
Abimbola worked within the core of the group in Ireland, acting as a facilitator who was familiar with the inner workings of financial systems. His position allowed him to evade detection for a time, but he was eventually arrested and extradited after fleeing the country.
This case highlights the increasing use of banks by organised crime groups to carry out illicit activities, stressing the need for heightened vigilance within financial institutions to prevent similar schemes in the future.
