Police uncover N713.9m bank fraud syndicate, arrest two

In a significant stride against financial crime, the Nigeria Police Force, through its Special Fraud Unit (PSFU), has successfully dismantled a sophisticated fraud syndicate responsible for siphoning over N713.9 million from unsuspecting customers' bank accounts.

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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 operation, triggered by a complaint from a financial institution regarding unauthorized debits, utilized advanced investigative and digital forensic techniques. The probe revealed a meticulously coordinated scheme where fifteen customer accounts were compromised, with funds systematically funneled through a network of newly opened accounts, a common tactic in money laundering operations.

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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 arrest of Oguntoyinbo Olawale and Kazeem Omokayode marks a crucial step in bringing the perpetrators to justice. However, the investigation also points to the involvement of a Chinese national, known as Linda, who remains at large. The syndicate's modus operandi involved using personal identification details, including Bank Verification Numbers (BVN) and National Identification Numbers (NIN), to establish these fraudulent accounts. The Inspector-General of Police has commended the PSFU for their diligence and reaffirmed the force's unwavering commitment to combating financial and cyber-related crimes across the nation.

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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.