The Nigeria Police Force has uncovered a sophisticated fraud syndicate responsible for diverting over N713.9m from customers’ accounts, following an investigation by the Police Special Fraud Unit.
- +Police uncover N713.9m fraud syndicate, arrest two suspects
The breakthrough came after a financial institution reported a series of unauthorised debits linked to security breaches involving a third-party platform.
The breakthrough came after a financial institution reported a series of unauthorised debits linked to security breaches involving a third-party platform.
According to a statement on Wednesday by the Force spokesman, Anthony Placid, operatives of the PSFU deployed advanced investigative and digital forensic techniques, which revealed that at least 15 customers’ accounts were compromised.
He said the stolen funds were subsequently channelled through multiple accounts in a coordinated laundering scheme.
Placid said the operation led to the arrest of two suspects identified as Oguntoyinbo Olawale and Kazeem Omokayode.
“The PSFU has recorded a major breakthrough in the fight against financial crimes with the uncovering of a sophisticated fraud syndicate responsible for the diversion of over N713,900,000 from customers’ accounts.
“The development followed a complaint from a financial institution in Nigeria, which reported a series of unauthorised debits linked to security breaches associated with a third-party platform.
“Acting on the complaint, operatives of the PSFU deployed advanced investigative and digital forensic techniques, which revealed that 15 customers’ accounts were compromised, with funds swiftly funnelled through a network of accounts in a coordinated laundering operation,” the statement read.
Placid said further investigations showed that the suspects allegedly conspired with a Chinese national identified as Linda, who is currently at large, to perpetrate the fraud.
He said the syndicate used stolen personal identification details, including Bank Verification Numbers, National Identification Numbers, and other credentials, to open multiple bank accounts across various financial institutions.
Placid said the accounts were then used to receive, conceal and launder illicit proceeds.
“The suspects currently in custody will be arraigned before a court of competent jurisdiction, while efforts are being intensified to apprehend other members of the syndicate still at large,” he added.
