Nigeria: Police Uncover N713.9m Bank Fraud Syndicate, Arrest Two Suspects

The Nigeria Police Force (NPF) says it has uncovered a major financial crime network involving the diversion of over N713.9 million from customers' accounts, leading to the arrest of two suspects.

According to a statement by police spokesperson Anthony Placid, the breakthrough was recorded "through the Police Special Fraud Unit (PSFU)" following "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."

Acting on the report, Mr Placid said operatives "deployed advanced investigative and digital forensic techniques," which revealed that 15 customers' accounts were compromised, with funds swiftly funnelled through a network of accounts in a coordinated laundering operation.

The police identified the suspects as Oguntoyinbo Olawale and Kazeem Omokayode, adding that investigations showed they "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, the police noted, "were subsequently used to receive, conceal, and launder illicit proceeds."

The police said 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."

Mr Placid said the Inspector General of Police (IGP), Olatunji Disu, "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."

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