The Nigeria Police Force has dismantled a sophisticated fraud syndicate that diverted over ₦713.9 million from 15 customer bank accounts, arresting two suspects and launching a manhunt for a third.
The Police Special Fraud Unit made the breakthrough following a complaint from a financial institution about unauthorized debits linked to security breaches on a third-party platform.
According to Force Public Relations Officer Anthony Okon Placid, digital forensic investigations revealed the funds were quickly moved through a network of accounts in a coordinated money laundering operation.
Two suspects, Oguntoyinbo Olawale and Kazeem Omokayode, have been arrested and are currently in custody.
Investigators said the pair conspired with one Linda, a Chinese national still at large, to use stolen personal identification details including Bank Verification Numbers, National Identification Numbers and other credentials to open multiple accounts across different banks. Those accounts were then used to receive, conceal, and launder the illicit proceeds.
The arrested suspects will be arraigned in court, while efforts are ongoing to apprehend other members of the syndicate.
Inspector-General of Police Olatunji Rilwan Disu praised the PSFU for its work and reaffirmed the force’s commitment to tackling financial and cyber-enabled crimes.
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