In recent times, a group of scammers has been preying on innocent Nigerian students studying in the UK who are seeking to exchange their Naira for Pounds. Operating through a Telegram group called “UK Pounds Sterling Student Exchange,” these fraudsters have devised an elaborate scheme to dupe unsuspecting individuals.
The scam begins with the creation of a seemingly authentic Telegram page that boasts over 1000 members and is managed by three administrators. To lend credibility to their operation, they establish an escrow system, where new members believe their money will be held safely until they find someone willing to exchange Pounds for Naira.
Here’s how the scam works:
The victim expresses their interest in exchanging currency and is introduced to an administrator, often under the username “@TRUSTADMINVERUK.”
The victim is asked to pay a fee ranging from N500 to N2000 as a safety measure, with the promise that this money will be held until the exchange is completed.
When another member announces that they have Pounds to exchange, the victim is informed that the other party must also send the same amount to the administrator to proceed with the transaction.
The administrator claims to act as an intermediary, remitting both parties’ money to each other while keeping the initial fee as profit.
However, this process is a clever front for a scam, designed to deceive innocent students seeking a secure exchange. Once the victim pays the fee and hands over their money, they are quickly removed from the Telegram group, and their account is reported and banned, leaving them empty-handed.
One such administrator involved in the scam is named “Olayinka Adebowale.” It is important to avoid engaging with this individual or any other Telegram group resembling “UK Pounds Sterling Student Exchange.”
Furthermore, if you encounter the name “Abubakar Hamza” with the account number “9049798704” at “PalmPay Limited,” exercise extreme caution as this may be another identity associated with the scam.
Report any suspicious activity or individuals involved in scams to the appropriate authorities or platforms to protect others from falling victim.
By spreading awareness about this scam and staying cautious, we can help protect individuals from falling prey to such fraudulent schemes.
FULL NAME: Abubakar Hamza
BANK: PalmPay Limited
Source: Nairaland/ NobleMK