This Fraudster Tried to Fool Us

The billionaire Gucci master Ramon Abbas, aka Ray Hushpuppi, was an entirely legit real estate developer that spent more time on Instagram than the Kardashian family’s photoshop intern.

Department of Justice:
The FBI’s investigation has revealed that Abbas finances this opulent lifestyle through crime, and that he is one of the leaders of a transnational network that facilitates computer intrusions, fraudulent schemes (including BEC schemes), and money laundering, targeting victims around the world in schemes designed to steal hundreds of millions of dollars.

These are all alleged crimes until he’s convicted, but the main crime that the FBI believes Hushpuppi was involved in was BEC, Business Email Compromise, schemes. This is where the scammer finds a transaction underway and will spoof the email address of an important character in the transaction by adding a slight variation.

Scammers who participate in these BEC schemes will alter their email by one character and figure out a way to provide wiring instructions to the victims for their bank accounts. The victims see the email and without hesitation wire the money over to the intended bank account. It’s not until a few days later that they realize the email was one character off and the money was wired to the wrong bank account.

In 2019 alone, the FBI recorded $1.7 billion in losses by companies and individuals victimized through business email compromise scams, the type of scheme Mr. Abbas is charged with conducting from abroad.

Between Hushpuppi and 11 others, officials report recovering $40 million in cash, 13 automobiles collectively worth $6.8 million, 47 smartphones and some 2 million email addresses of potential victims.

Sources:
- https://doi.apa.org/doiLanding?doi=10.1037%2Fabn0000410
- https://www.justice.gov/usao-cdca/pr/nigerian-national-brought-us-face-charges-conspiring-launder-hundreds-millions-dollars
- https://www.fbi.gov/scams-and-safety/common-scams-and-crimes/business-email-compromise
- https://www.forbes.com/sites/alyyale/2019/05/07/real-estate-wire-fraud-is-real-and-it-almost-happened-to-me/?sh=6b5e806d1c47
- https://lifestyle.thecable.ng/hushpuppi-not-fraudster-became-rich-through-real-estate-lawyer/
- https://nypost.com/article/who-is-ray-hushpuppi/
- https://www.thecable.ng/inside-lagos-slum-where-hushpuppi-bought-food-on-credit-washed-cars-for-survival