The Nigeria Police Force has uncovered a sophisticated fraud syndicate responsible for the diversion of over ₦713.9 million from customers’ bank accounts, marking a major breakthrough in the fight against financial crimes.
The operation was carried out by the Police Special Fraud Unit following a complaint from a financial institution over a series of unauthorised debits linked to security breaches on a third-party platform.
Investigations using advanced digital forensic techniques revealed that no fewer than 15 customers’ accounts were compromised, with the stolen funds funneled through multiple accounts in a coordinated laundering scheme.
Police operatives subsequently arrested two suspects, Oguntoyinbo Olawale and Kazeem Omokayode, in connection with the crime.
Further findings showed that the suspects allegedly collaborated with a Chinese national identified as Linda, who is currently on the run. The syndicate reportedly used stolen personal data, including Bank Verification Numbers (BVN), National Identification Numbers (NIN), and other credentials, to open multiple bank accounts across different financial institutions.
These accounts were then used to receive, conceal, and launder the illicit proceeds.
The police said the suspects in custody would be arraigned in court, while efforts are ongoing to apprehend other members of the syndicate still at large.
Reacting to the development, 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.
