N713.9m fraud syndicate uncovered by police, with two suspects arrested over bank account breaches and laundering scheme

The Nigeria Police Force has uncovered a major N713.9m fraud syndicate linked to the diversion of funds from customers’ bank accounts, with two suspects arrested in connection with the crime.

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The Force Public Relations Officer, Anthony Placid, disclosed the development in a statement on Wednesday, describing the operation as a significant breakthrough in the fight against financial crime.

According to the statement, operatives of the Police Special Fraud Unit launched an investigation following a complaint from a financial institution over unauthorised debits traced to a security breach on a third-party platform.

The N713.9m fraud syndicate was subsequently uncovered through advanced digital forensic analysis.

Police said at least 15 customers’ accounts were compromised, with funds rapidly transferred through multiple accounts in a coordinated laundering scheme designed to obscure the money trail.

The operation led to the arrest of two suspects, Oguntoyinbo Olawale and Kazeem Omokayode, who are currently in custody and expected to be arraigned in court.

Further investigations revealed that the suspects allegedly worked with a Chinese national identified as Linda, who remains at large.

Authorities said the syndicate used stolen personal identification details, including Bank Verification Numbers and National Identification Numbers, to open multiple bank accounts across different financial institutions.

These accounts were then used to receive, conceal and launder illicit proceeds, highlighting the sophisticated nature of the operation.

Police said efforts are ongoing to apprehend other members of the network.

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The Inspector-General of Police, Tunji Disu, commended officers of the Special Fraud Unit for their decisive action and reaffirmed the force’s commitment to tackling cybercrime and financial fraud.