The Nigeria Police Force has arrested two members of a fraud syndicate that compromised at least 15 customers’ accounts and diverted over ₦713.9 million across multiple financial institutions.
The breakthrough was recorded by operatives of the Police Special Fraud Unit (PSFU) following a complaint from a financial institution over a series of unauthorised debits traced to security breaches linked to a third-party platform.
Force Public Relations Officer, DCP Anthony Placid, disclosed this on Wednesday, noting that the case was swiftly escalated for investigation using advanced digital forensic tools.
He said, “The Nigeria Police Force, through the Police Special Fraud Unit, 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 Seven Hundred and Thirteen Million, Nine Hundred Thousand Naira (₦713,900,000) from customers’ accounts.”
Placid explained that preliminary findings revealed a coordinated scheme targeting multiple victims.
“Acting on 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, operatives of the PSFU deployed advanced investigative and digital forensic techniques,” he said.
According to him, the investigation uncovered the scale and method of the operation.
“Our findings revealed that fifteen (15) customers’ accounts were compromised, with funds swiftly funnelled through a network of accounts in a coordinated laundering operation,” Placid stated.
He identified the arrested suspects as Oguntoyinbo Olawale and Kazeem Omokayode, adding that investigations had exposed a wider criminal network.
“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,” he said.
Placid added, “These accounts were subsequently used to receive, conceal, and launder illicit proceeds.”
The police spokesman assured that efforts were ongoing to apprehend other members of the syndicate still at large.
“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,” he said.
He noted that the Inspector-General of Police, IGP Olatunji Disu, has commended the PSFU operatives for their professionalism and diligence in uncovering the scheme.
Quoting the IGP, Placid said, “The Nigeria Police Force remains committed to combating financial and cyber-enabled crimes and ensuring that perpetrators are brought to justice.”
He added that the Force will continue to strengthen its investigative capacity to tackle evolving digital threats.
“The Nigeria Police Force will continue to deploy cutting-edge technology and intelligence-led strategies to disrupt criminal networks and safeguard the financial system,” Placid said.
