CBI busts international racket of fake MoneyGrams

An international racket of multi-million dollar counterfeit MoneyGram money orders, used in the United States, has been busted by the CBI with the arrest of three Nigerian nationals in this connection.

The accused, Adenowo Adekunle Azeez, Dosunmu Oluwatosin Abimbola and a woman Sanni Animat Olajumoke were arrested by the agency for allegedly printing, possessing, circulating and using counterfeit MoneyGram money orders, official sources said today.

The US authorities had sought help of CBI, which apprehended one of the accused on January 30 while attempting to send a consignment of 158 counterfeit MoneyGram money orders, each of US Dollars 970 having a total face value of US dollars 153,260.

The investigation revealed that the proceeds from the use of these MoneyGrams was received through Western Union Money Transfer in India.

IAMTN: This disturbing story of fake money orders (paper based payment products used in the USA) printed in India and being paid out in the USA has the other intriguing piece that the ill gotten gains were then sent to India by MoneyGram’s major competitor. It just shows how criminals understand how money transfer businesses work rather too well.