Babatunde Oyedepo, was arrested on Monday for allegedly running an online platform which engages in blackmail, threat to life, and extortion of huge sums of money.
The suspect who had earlier on denied the accusations and claiming to be a website designer, has finally confessed to the crime.
The Special Fraud Unit (SFU) had disclosed that many petitions were written against the owner of NaijaGistLive for attempting to swindle and blackmail high profile Nigerians, who pay heavily to prevent the suspect from publishing damaging stories about them.
During the course of interrogations, Oyedepo, popularly known as Baudex on social media, owned up to the crime, telling the police how he co-owns the website and runs it with a lady based outside the country.
An investigation into the case showed email conversations between him and his accomplice discussing how to extort gullible Nigerians who may fall victim to their plot.
They both exchanged regular mails to follow up on the private lifestyles of their victims, and discussed terms and conditions of payment for each of them.
A particular message showed their discussion about a lady whom they had a story on and wanted to drag her into the mud until she made payments.
Investigations revealed that huge sums of cash were transferred to the suspect with different bank accounts, and different modes of payment such as via Paypal.
Baudex and his accomplice also had a price tag to determine the rate a victim will be billed in order not to publish their story.
The police was able to trace his account on Instagram and found out that his girlfriend was part of the fraudulent act.
She was said to have asked him the next step to follow after she found out he was in custody.
When the young lady suspected something might be wrong, she quickly changed the password but the damage had already been done. The police is now making efforts to arrest his girlfriend.
It was also reported that he tried to swindle oil magnate, Femi Otedola, by threatening to expose a false story about him and some women which could prove damaging tohis reputation.
Oyedepo was arrested after his third attempt to extort cash from a businessman, who had already parted with huge sums of cash in dollars.
The suspect continued to threaten him and demand for more money.
He was however arrested when he tried to cash the money which was paid into his Nigerian account.