According to Newham Recorder, a UK newspaper, the Nigerians are Victor Oke, 39; Desmond Abifade, 25; Moses Kuye, 28; Melinda Mensah-Oke, 37; and Arinola Kuye, 27.
Oke was said to have used stolen data provided by Abifade to falsely impersonate company directors via telephone banking.
Once Oke gained access, he diverted funds to ‘mule’ beneficiary accounts monitored by Moses Kuye.
Melinda Mensah-Oke, impersonated company directors when a female voice was necessary, while Arinola Kuye, acted as the group’s money launderer.
They were caught after being spotted by fraud investigators at HSBC, who passed the case to the dedicated card and payment crime unit (DCPCU) to investigate.
Police were able to analyse when and where the calls were made to identify the phones used through which the perpetrators were traced.
The culprits who were charged with conspiracy to commit fraud by false representation, however, pleaded not guilty to the charge.
After court proceedings, on Wednesday, Oke was sentenced to four years in prison, while Moses Kuye was jailed for three years and three months.
Mensah-Oke received a fourteen month suspended sentence and Abifade a two year suspended sentence.
Arinola Kuye was given a 12 month community order and instructed to complete 50 hours of unpaid work.
DC Dave Cass, who investigated the case for the DCPCU said: “This was a concerted effort to commit fraud against two companies and profit from crime.
“The police take fraud very seriously and these sentences should send a message to fraudsters that you will be caught and punished.”
All losses were refunded to the genuine business account holders.