Police Uncover ₦713.9m Fraud Syndicate, Arrest Two Suspects
The Nigeria Police Force has recorded a major breakthrough in its fight against financial crimes, uncovering a sophisticated fraud syndicate responsible for the diversion of over ₦713.9 million from customers’ accounts.
The operation was carried out by operatives of the Police Special Fraud Unit (PSFU) following a complaint from a financial institution that reported multiple unauthorized debits linked to security breaches on a third-party platform.
According to police findings, at least 15 customers’ accounts were compromised, with funds rapidly transferred through a network of accounts in what investigators described as a coordinated laundering scheme.
The investigation led to the arrest of two suspects, Oguntoyinbo Olawale and Kazeem Omokayode.
Further inquiries revealed that the suspects allegedly collaborated with an accomplice identified as Linda, a Chinese national who is currently at large. The syndicate reportedly used stolen personal identification details, including Bank Verification Numbers (BVN) and National Identification Numbers (NIN), to open multiple bank accounts across various financial institutions.
These accounts were then used to receive, conceal, and launder illicit funds.
The police confirmed that the suspects in custody will be arraigned in court, while efforts are ongoing to apprehend other members of the syndicate still on the run.
The Inspector-General of Police, Olatunji Rilwan Disu, commended officers of the PSFU for their professionalism and reiterated the Force’s commitment to tackling financial and cyber-enabled crimes across the country.
The Nigeria Police Force also assured the public of continued efforts to strengthen cybersecurity measures and protect citizens from evolving financial threats.
Police Uncover ₦713.9m Fraud Syndicate, Arrest Two Suspects