Nigerian National Babatunde Ayeni Sentenced for $20M Cyber Fraud

Jonathan Greig

Babatunde Francis Ayeni, a 33-year-old Nigerian national, has been sentenced to 10 years in U.S. federal prison for his role in a cyber fraud scheme that stole nearly $20 million from over 400 victims across the U.S. Ayeni, who had been residing in the U.K., was convicted of wire fraud in connection with a business email compromise (BEC) operation targeting real estate transactions.

The scheme, which Ayeni orchestrated in collaboration with two co-defendants, involved sending phishing emails to title companies, real estate agents, and attorneys. These emails contained malicious links and attachments designed to steal login information from employees. Once the hackers gained access to email accounts, they monitored communications to identify when a real estate transaction was nearing payment. Ayeni and his co-conspirators would then impersonate the buyer or a company representative and provide fraudulent wire instructions, redirecting funds to hacker-controlled accounts.

More than 400 victims were affected by the scam, and 231 of them lost the full amount they sent in wire transfers. Among the victims, many were homebuyers who lost the money they had saved for a home. One victim testified about losing over $100,000 meant to buy a home for his father, who had been diagnosed with Parkinson’s disease.

The total amount stolen was $19.6 million. The hackers used part of the funds to purchase Bitcoin, which was transferred to various wallets. U.S. authorities have tracked the criminal operation to multiple countries, including the U.S., Nigeria, and the United Arab Emirates.

The case is a stark reminder of the dangers of business email compromise, a type of cybercrime that has become increasingly prevalent. According to the FBI, BEC scams resulted in $2.9 billion in losses in 2023 alone.

In addition to Ayeni’s sentencing, law enforcement agencies worldwide are ramping up efforts to disrupt such criminal networks. Two of Ayeni’s co-conspirators, Feyisayo Ogunsanwo and Yusuf Lasisi, remain at large, with Ogunsanwo recently traced to a Louis Vuitton store in Dubai, spending the stolen funds.

U.S. Attorney Sean P. Costello emphasized the devastating impact of cyber-enabled crimes, noting that while criminals may think they are anonymous behind their computers, they are still held accountable.

This case highlights the rising threat of BEC schemes, which continue to target businesses and individuals, causing significant financial harm and lasting consequences.