The Nigeria Police Force, through the Police Special Fraud Unit (PSFU), has uncovered a fraud syndicate linked to the diversion of over 713.9m from customers’ bank accounts.
The case followed a complaint from a financial institution, which reported a pattern of unauthorised debits traced to security vulnerabilities in a third-party platform.
Investigations by PSFU operatives showed that at least 15 customer accounts were compromised, with funds moved through multiple accounts in what authorities described as a coordinated laundering network.
Two suspects, Oguntoyinbo Olawale and Kazeem Omokayode, have been arrested in connection with the case.
Police said further findings indicated that the suspects allegedly worked with one Linda, identified as a Chinese national who is currently at large.
According to the Force Public Relations Officer, DCP Anthony Placid, “Linda was said to have assisted in procuring personal data, including Bank Verification Numbers (BVN) and National Identification Numbers (NIN), which were used to open several bank accounts across different financial institutions.
“The accounts were reportedly used to receive and move the diverted funds.”
Placid noted the suspects in custody would be charged in court, while efforts are ongoing to track down other members of the syndicate.
He 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.”
