Police Bust N713.9m Bank Fraud Syndicate, Arrest 2 Suspects

The Nigeria Police Force (NPF) has uncovered a sophisticated fraud syndicate accused of diverting N713.9 million from customers’ bank accounts, arresting two suspects allegedly linked to the scheme alongside a Chinese accomplice still on the run.

Force Public Relations Officer (FPRO), DCP Anthony Placid, disclosed the development in a statement issued Wednesday in Abuja, noting that the breakthrough was made by operatives of the Police Special Fraud Unit following a complaint from a financial institution over unauthorised transactions tied to vulnerabilities on a third-party platform.

“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 statement read.

Investigations revealed that no fewer than 15 customers’ accounts were compromised, with stolen funds rapidly moved across multiple accounts in what police described as a coordinated laundering network.

“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,” the statement added.
Further findings showed that the suspects allegedly worked with a Chinese national identified simply as Linda, who remains at large.

“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 statement said.

Police authorities confirmed that the arrested suspects would be arraigned in court, while efforts were ongoing to apprehend other members of the syndicate.

The Inspector-General of Police, IGP Olatunji Disu, commended operatives of the Police Special Fraud Unit for the successful operation and reiterated the Force’s resolve to combat financial and cyber-related crimes.