The Nigeria Police Force has announced the discovery of a sophisticated fraud syndicate responsible for diverting over N713,900,000 from customers' bank accounts. The revelation came in a statement issued by the Force Public Relations Officer, Anthony Placid.
Complaint from Financial Institution
The investigation began after a complaint from a Nigerian financial institution, which reported unauthorized debits linked to security breaches involving a third-party platform. Acting on this complaint, operatives of the Police Special Fraud Unit (PSFU) deployed advanced investigative and digital forensic techniques.
Compromised Accounts and Laundering
The investigation revealed that 15 customer accounts were compromised. Funds were swiftly funneled through a network of accounts in a coordinated laundering operation. The police arrested two suspects: Oguntoyinbo Olawale and Kazeem Omokayode.
Further investigations established that the suspects conspired with a Chinese national identified only as Linda, who is currently at large. They used personal identification details, including Bank Verification Number (BVN), National Identification Number (NIN), and other credentials, to open multiple bank accounts across various financial institutions. These accounts were then used to receive, conceal, and launder illicit proceeds.
Legal Proceedings and Ongoing Efforts
The suspects currently in custody will be arraigned before a court of competent jurisdiction. Efforts are being intensified to apprehend other members of the syndicate still at large.
IGP Commendation
The Inspector-General of Police, IGP Olatunji Rilwan Disu, commended the officers of the Police Special Fraud Unit for their efforts. He reaffirmed the commitment of the Nigeria Police Force to combating financial and cyber-enabled crimes.
