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Nigeria’s Police Special Fraud Unit (PSFU) has uncovered a major financial crime syndicate linked to the diversion of more than ₦713.9 million from customers’ bank accounts, leading to the arrest of two suspects connected to the operation.
According to the Nigeria Police Force, the fraud was uncovered after a financial institution reported a series of unauthorised debits, traced to security breaches on a third-party platform. Investigators say the breaches enabled the syndicate to access customers’ sensitive banking details and move funds across multiple accounts in a coordinated laundering scheme.
Police say operatives deployed advanced digital forensic and investigative tools, which revealed that at least fifteen customer accounts had been compromised. The stolen funds were allegedly transferred rapidly through a network of accounts designed to conceal their origin.
The operation led to the arrest of Oguntoyinbo Olawale and Kazeem Omokayode, who are currently in police custody.
Further investigations reportedly showed that the suspects worked with a Chinese national identified simply as Linda, who remains at large. Authorities say the group used stolen personal identification details, including Bank Verification Numbers (BVN), National Identification Numbers (NIN), and other credentials, to open several accounts across different financial institutions.
Police investigators allege that the accounts were specifically created to receive and launder illicit proceeds without attracting immediate suspicion.
In a statement issued on Wednesday by Public Relations officer, DCP Anthony Placid, the Nigeria Police Force said efforts are ongoing to track down other members of the syndicate who are still at large.
“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,” the statement read.
Inspector-General of Police, Olatunji Rilwan Disu, commended officers of the Police Special Fraud Unit for what he described as a significant breakthrough in the fight against financial and cyber-enabled crimes.
The Force also reaffirmed its commitment to strengthening investigations into digital fraud and protecting customers within Nigeria’s banking system as cybercrime cases continue to increase across the country.
