Police uncover ₦713.9m bank fraud, nab suspects

by · The Eagle Online

The Nigeria Police Force through the Police Special Fraud Unit (PSFU) has uncovered a sophisticated fraud syndicate responsible for the diversion of over ₦713,900,000 from bank customers’ accounts, nabbing two suspects during investigation.

The Force Public Relations Officer and a Deputy Superintendent of Police, DSP Anthony Placid, revealed this in a statement.

Placid said this 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 operation led to the arrest of two suspects: Oguntoyinbo Olawale and Kazeem Omokayode.

Further investigations established that the suspects conspired with one Linda, a Chinese national currently at large, to use personal identification details, including Bank Verification Number (BVN), National Identification Number (NIN), and other credentials, to open multiple bank accounts across various financial institutions. 

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These accounts were subsequently used to receive, conceal, and launder illicit proceeds.

The suspects, currently in custody, Placid said, will be arraigned before a court of competent jurisdiction, while efforts are being intensified to apprehend other members of the syndicate still at large.

The Inspector-General of Police, IGP Olatunji Rilwan Disu, has commended the officers of the Police Special Fraud Unit for their efforts.

Disu also reaffirmed the commitment of the Nigeria Police Force to combating financial and cyber-enabled crimes.

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