The Nigeria Police Force has successfully dismantled a major financial fraud network linked to the diversion of approximately ₦713.9 million from multiple bank customers’ accounts.
The operation was carried out by operatives of the Police Special Fraud Unit (PSFU) following a complaint from a financial institution over suspicious transactions traced to a third-party digital platform.
Investigations revealed that at least 15 customers were affected after their accounts were allegedly compromised. The stolen funds were then moved through multiple bank accounts in a coordinated laundering process designed to disguise the source of the money and avoid detection.
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Two suspects, identified as Oguntoyinbo Olawale and Kazeem Omokayode, have been arrested in connection with the fraud scheme. Authorities also disclosed that a Chinese national, identified as “Linda,” is allegedly involved but remains at large.
Further findings showed that the suspects allegedly used sensitive personal information, including Bank Verification Numbers (BVN), National Identification Numbers (NIN), and other credentials, to open multiple accounts across different financial institutions.
These accounts were then used to receive and launder illicit funds.
The police confirmed that efforts are ongoing to apprehend other members of the syndicate and recover additional stolen assets.
The Inspector-General of Police commended the PSFU for the breakthrough, reaffirming the Force’s commitment to strengthening the fight against financial and cybercrime across Nigeria.
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