The Nigeria Police Force has uncovered a sophisticated fraud syndicate accused of diverting more than ₦713.9 million from customers’ bank accounts through a coordinated cyber-enabled operation involving identity theft and money laundering.
In a statement signed by the Force Public Relations Officer, DCP Anthony Okon Placid, on Wednesday, the police said the breakthrough was achieved by operatives of the Police Special Fraud Unit (PSFU) following a complaint by a financial institution over suspicious and unauthorised debits linked to vulnerabilities associated with a third-party platform.
According to the police, investigations revealed that at least 15 customer accounts were compromised, with the stolen funds rapidly moved through multiple accounts in an apparent laundering network.
The police said two suspects identified as Oguntoyinbo Olawale and Kazeem Omokayode were arrested in connection with the operation.
Further investigations allegedly showed that the suspects worked with a Chinese national identified simply as Linda, who is currently at large, to open several bank accounts across different financial institutions using stolen personal data, including Bank Verification Numbers (BVN), National Identification Numbers (NIN), and other sensitive credentials.
“These accounts were subsequently used to receive, conceal, and launder illicit proceeds,” the statement said.
The police added that the suspects currently in custody would be arraigned before a competent court, while efforts were ongoing to arrest other members of the syndicate still on the run.
Inspector-General of Police, Olatunji Rilwan Disu, commended officers of the PSFU for the operation and reiterated the commitment of the Nigeria Police Force to tackling financial crimes and cyber-enabled fraud across the country.
