The Nigeria Police Force (NPF) has uncovered a fraud syndicate responsible for the diversion of over ₦713.9 million from customers’ bank accounts.
The operation, carried out by the Police Special Fraud Unit (PSFU), followed a complaint from a Nigerian financial institution over a series of unauthorised debits linked to security breaches on a third-party platform.
According to police findings, 15 customer accounts were compromised, with the stolen funds quickly transferred through a network of accounts in a coordinated laundering scheme.
Investigators deployed advanced digital forensic techniques, which led to the arrest of two suspects identified as Oguntoyinbo Olawale and Kazeem Omokayode.
Further investigations revealed that the suspects allegedly collaborated with a Chinese national, identified simply as Linda, who is currently at large.
The syndicate reportedly used stolen personal identification details, including Bank Verification Numbers (BVN) and National Identification Numbers (NIN), to open multiple bank accounts across various financial institutions. These accounts were then used to receive and conceal illicit funds.
The police confirmed that the arrested suspects will be arraigned before a court of competent jurisdiction, while efforts are ongoing to track down other members of the syndicate.
Reacting to the development, the Inspector-General of Police, Olatunji Rilwan Disu, commended the operatives of the PSFU for their diligence and professionalism.
He also reaffirmed the commitment of the Nigeria Police Force to tackling financial and cyber-related crimes across the country.
