Nigeria: Police arrest alleged kingpin in N1bn exotic car scam

Lagos State Police have apprehended a suspected mastermind behind a sophisticated vehicle fraud syndicate responsible for the fraudulent acquisition of 29 exotic cars worth over N1 billion (approximately $2.5 million USD). The suspect, who had been on the run, was identified through investigations and confessions from previously arrested syndicate members.

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The suspects targeted reputable vehicle dealers by claiming the vehicles were required for legitimate business transactions or political purposes.

Commissioner of Police, Mr. Fatai Tijani, has directed the State Criminal Investigation Department (SCID) in Yaba to intensify efforts to arrest other individuals involved. Police sources revealed that the syndicate specialized in defrauding unsuspecting vehicle dealers by using false representations, such as claims of needing vehicles for legitimate business or political purposes. They obtained the cars using dud or post-dated checks before transferring them to third parties, often concealing the principal beneficiaries through intermediaries.

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They obtained the vehicles using dud or post-dated cheques before transferring them to third parties and concealed the identities of the principal beneficiaries through intermediaries.

The breakthrough came after harmonizing three separate investigations involving conspiracy, obtaining goods by false pretense, fraudulent conversion, stealing, and issuing dud checks. Detectives confirmed that these seemingly separate cases were perpetrated by the same organized criminal network.

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Although the cases were reported separately by different complainants, detectives established that they were perpetrated by the same organised criminal network.

Intelligence-led policing and the AUTOREG vehicle tracking platform have led to the recovery of 16 vehicles, with 12 already returned to their rightful owners. However, vehicles valued at approximately N534 million (around $1.3 million USD) remain outstanding. The police are committed to apprehending all involved parties, recovering the remaining vehicles, and ensuring prosecution. Authorities also advised vehicle dealers to exercise caution, verify buyer credentials, and be wary of transactions involving post-dated checks or unfamiliar intermediaries.

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We remain committed to apprehending all those involved, recovering the outstanding vehicles and ensuring they are prosecuted.