The Nigeria Police Force, through the Police Special Fraud Unit (PSFU), 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.
The development followed a complaint from a financial institution in Nigeria, which reported a series of unauthorized 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 fifteen (15) customers’ accounts were compromised, with funds swiftly funneled 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. These accounts were subsequently used to receive, conceal, and launder illicit proceeds.
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 still at large.
The Inspector-General of Police, IGP Olatunji Rilwan Disu, psc(+), NPM, commended the officer of the Police Special Fraud Unit for their efforts and reaffirmed the commitment of the Nigeria Police Force to combating financial and cyber-enabled crimes.