Chinedu Ngwaka, a self-proclaimed Bureau De Change operator, has been arrested for his involvement in a fraudulent scheme worth N320 million, using fake documents.

[dropcap]O[/dropcap]peratives of the Special Investigations Team (SIT) attached to the Force Criminal Investigations Department (FCID) Annex in Lagos State have arrested Chinedu Ngwaka for his alleged involvement in a fraudulent scheme worth N320 million.

Ngwaka, who claims to be a Bureau De Change (BDC) operator, was found to have used fraudulent documents, including a fake Presidency number plate on his Toyota Hilux vehicle, and a counterfeit Identity Card from the Federal Ministry of Labour and Employment.

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The arrest was made following a petition submitted to the Nigeria Police Force on September 9, 2024.

The petition, filed by Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited, accused Ngwaka and his wife, Janet Onyekachi Ngwaka, of orchestrating the fraudulent scheme.

According to the petition, the couple had defrauded Mr Unachukwu of N320 million through a bogus deal.

In response to the petition, detectives from the anti-fraud section of the FCID swiftly launched an intelligence-led investigation.

Their inquiry included a review of relevant banking records, which helped secure an arrest warrant for Ngwaka.

The investigation revealed that between March and May 2024, Mr Unachukwu made payments totalling N320 million to Ngwaka and his wife for the procurement of USD 200,000. The funds were intended to facilitate the supply of goods from China.

However, further investigation uncovered fraudulent documents, including a telex confirmation from Zenith Bank, which falsely indicated the completion of the transaction.

Upon verification, the Chinese suppliers confirmed that no such funds had been received, exposing the fraudulent scheme.

During the operation, the SIT recovered a black 2024 Toyota Hilux with a fraudulent Presidency number plate (02B679FG) from Ngwaka.

Additionally, Ngwaka falsely claimed to operate a BDC under the name “Phobia BDC Ltd.” However, investigations with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) revealed that Ngwaka had no association with the company, and that its licence had been revoked earlier in the year.

The SIT also found further petitions against Ngwaka, with additional claims from individuals seeking the recovery of large sums of money, including ₦1 billion and ₦840 million. These claims are currently under investigation.

Following the completion of the investigation, Ngwaka and his alleged co-conspirators will face prosecution in court.

The Assistant Inspector-General of Force CID Annex Lagos urged the public to remain vigilant and report any similar fraudulent activities to the relevant authorities.

Citizens have been warned that anyone involved in such illegal activities will face the full consequences of the law.

This arrest serves as a reminder of the growing threat of financial fraud in Nigeria and the importance of holding individuals accountable for fraudulent activities that harm businesses and individuals.

Source: Read more at punchng.com