By Charles Abere
The Nigeria Police Force (NPF) has uncovered a sophisticated fraud syndicate responsible for diverting ₦713.9 million from customers’ accounts, following an investigation by the Police Special Fraud Unit (PSFU).
The breakthrough came after a Nigerian financial institution reported a series of unauthorized debits linked to security breaches on a third-party platform. PSFU operatives used digital forensic and investigative techniques to trace the funds, identifying 15 compromised customer accounts.
According to the police, the stolen funds were quickly moved through a network of accounts in a coordinated laundering operation. Two suspects, Oguntoyinbo Olawale and Kazeem Omokayode, have been arrested in connection with the case.
Investigators said the suspects colluded with a third accomplice identified as Linda, a Chinese national currently at large, to open multiple bank accounts across various institutions using stolen personal data, including Bank Verification Numbers (BVN) and National Identification Numbers (NIN). The accounts were then used to receive and conceal illicit proceeds.
The suspects in custody are expected to be arraigned in court, while the police said efforts are ongoing to apprehend other members of the syndicate.
Inspector-General of Police, IGP Olatunji Rilwan Disu, commended the PSFU for its work and reaffirmed the force’s commitment to tackling financial and cyber-enabled crimes.
The investigation was announced by Force Public Relations Officer, DCP Anthony Okon Placid.
