In 1995, a man from Mali walked into the Dubai Islamic Bank and demanded to see the manager. His name was Fanga Babani Soko, and over the next three years, he managed to walk away with $242 million of the bank’s money through a bizarre combination of fraud, alleged black magic, and an inexplicable hold over the bank’s manager. Soko claimed to be a magician capable of doubling money using supernatural powers. He demonstrated his supposed abilities to the bank manager, Muhammad Ayyub, in a dark, smoke-filled room staged with sound effects, music, and a man screaming about a spirit attack.
Ayyub became convinced the money had been doubled, and from 1995 to 1998, he authorized 183 separate transfers totaling $242 million to Soko’s accounts in Dubai, the United States, Switzerland, and France. The manager was never provided with a clear rational reason for continuing the transfers, even though the promised doubling of funds never materialized. Soko used some of the money to support his village in Mali, where he was called “Babas Sora,” a name meaning very generous. Soko moved to New York and opened an account with Citibank.
He reportedly married a female bank employee to facilitate moving his money, with court records later revealing that over $100 million was transferred from his Dubai account to the United States. Allan Fine, a Miami attorney, described how Soko walked into a Citibank branch without an appointment, met a teller, and ended up marrying her. He gifted her $500,000 for her assistance. His spending in America was lavish.
He bought planes and attempted to establish an airline named Air Débia after his village, though the planes rarely flew and the airline never became operational. In 1996, Soko attempted to purchase two decommissioned Vietnam War-era helicopters from the US military, claiming he wanted to convert them into air ambulances for his village. The US government stalled the request over suspicions that he might use them for drug trafficking or arming conflicts in Mali. Soko’s associates then tried to bribe a US official with $330,000 to expedite the helicopter purchase.
Soko did not directly order the bribery attempt, but the investigation tied him to the case and an international arrest warrant was issued. He was arrested in Geneva and extradited to the United States to face trial in Miami. At his bail hearing, Soko presented an extraordinary show of support. His lawyer brought numerous diplomats and high-profile individuals from various embassies to testify on his behalf.
The judge noted he had never seen so many diplomats in a courtroom. Despite the prosecution’s strong opposition to bail, the judge set an extraordinarily high bail amount of $20 million, assuming Soko could not pay it. To the court’s surprise, he paid it promptly and was released. While awaiting trial, Soko continued his extravagant spending, buying cars and jewelry worth hundreds of thousands of dollars.
He married several women in Miami and rented more than 20 apartments for them. He also worked to improve his public image, visiting underprivileged areas of Miami to donate food and clothing to the poor. He donated $3,000 to a school music band so it could travel to New York for the Thanksgiving Day Parade, far more than the trip required. His trial for the bribery case began in March 1997.
His lawyers advised him to deny the charges, especially since recorded conversations showed him instructing his men not to break US law. Instead, Soko confessed to the crime in court, taking full responsibility. His lawyers were astounded and his lead attorney, Thomas Spencer, was angry. Soko refused to explain his reasoning.
His sentence was surprisingly light: 43 days in a federal prison and a $250,000 fine. After serving about half of his sentence, the government offered him a deal to finish the rest under house arrest in exchange for a significant donation to a homeless shelter. He agreed and donated $1 million. After completing his sentence, Soko left the United States and returned to Mali, where he received a welcome fit for a king.
Yet the money transfers from Dubai had not stopped. During his time in Miami, Soko was spending roughly a million dollars monthly in gifts. Back in Mali, he continued requesting more transfers from the bank manager, who kept complying. Suspicions finally arose in March 1998, when accountants at Dubai Islamic Bank noticed discrepancies.
Under pressure, the manager confessed to a colleague but found it so difficult to articulate the transfers that he wrote the amount down: 890 million dirham, equivalent to $242 million. The government stepped in to reassure the public that deposits were safe. Court proceedings later resulted in 17 people, including Soko, being sentenced to three years in prison. Soko was convicted of fraud and money laundering.
A Dubai court sentenced him to three years for fraud and practicing magic. Interpol issued an arrest warrant, but Soko remained in Mali, which does not have extradition treaties with other countries. In 1999, Dubai Islamic Bank filed a lawsuit against Citibank in the US, accusing it of processing large transactions without following proper procedures. The bank sought $151 million in compensation, but Citibank ultimately paid no damages.
Lawyers investigating the case discovered that the bank manager and his associates did not personally benefit from the transferred funds. All the money went to Soko, making the manager’s compliance even more puzzling. With his travel restricted by the Interpol warrant, Soko turned to politics. In 2002, he ran for parliament and won, securing a seat in the Malian parliament and gaining diplomatic immunity.
He lost his seat in the 2014 elections, losing both his position and his immunity. He returned to his remote village, Débia, where he lived quietly for the remainder of his life. In 2018, a BBC reporter located Soko and persuaded him to give his only interview. He remained tight-lipped, claiming his only interaction with the Dubai Islamic Bank was for a car loan.
When asked about the $242 million, he shifted the blame, saying the bank should explain how the money left. He also dismissed accusations of using magic, saying, “If a person had that kind of power, why would he work? ” He admitted that at one point he had a capital of $400 million, which raised questions about the source of the additional funds beyond the bank embezzlement. When asked where the money went, he simply said he had spent it all.
Soko continued to live freely in his village until his passing in 2021. The underlying question of why the bank manager continued to authorize the massive transfers remains unanswered.