Police bust ₦713.9 million bank fraud syndicate, arrest two…- TheConclaveNg

Nigeria’s police force has dismantled a sophisticated fraud syndicate that diverted more than ₦713.9 million from 15 customer bank accounts, arresting two suspects and launching a manhunt for a third.

The police’s Special Anti-Fraud Unit has made the breakthrough following a complaint from a financial institution regarding unauthorized charges linked to security breaches on a third-party platform.

According to Force public relations officer Anthony Okon Placid, digital forensic investigations revealed that funds were quickly moved through a network of accounts in a coordinated money laundering operation.

Two suspects, Oguntoyinbo Olawale and Kazeem Omokayode, have been arrested and are currently in custody.

Investigators said the pair conspired with Linda, a Chinese national still at large, to use stolen personal identification details, including bank verification numbers, national identification numbers and other credentials to open multiple accounts at different banks. These accounts were then used to receive, hide and launder the illicit proceeds.

The arrested suspects will be arraigned in court, while efforts are underway to arrest other members of the syndicate.

Inspector General of Police Olatunji Rilwan Disu commended the PSFU for its work and reaffirmed the force’s commitment to tackling financial and cyber crimes.

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