Major financial crime has been uncovered by the Nigeria Police Force, following the arrest of two suspects linked to the diversion of over N713.9 million from customers’ accounts.
The operation, described as a significant breakthrough, was carried out by the Police Special Fraud Unit (PSFU) following a complaint from a financial institution over suspicious and unauthorised transactions.
According to the police, the suspects allegedly exploited security weaknesses on a third-party platform to gain access to multiple customer accounts.
Meanwhile, investigators say the fraud network was carefully structured to move stolen funds across different accounts in a coordinated laundering scheme.
Police spokesperson Anthony Placid confirmed the development in a statement.
Acting on intelligence, investigators “deployed advanced investigative and digital forensic techniques,” which led to the discovery of how the funds were moved.
Further findings revealed that 15 customers’ accounts were compromised during the operation.
The suspects were identified as Oguntoyinbo Olawale and Kazeem Omokayode.
However, police say the operation may be linked to a wider international network involving a suspect still at large.
Investigations showed that the suspects “conspired with one Linda, a Chinese national currently at large, to use personal identification details, including Bank Verification Number (BVN), National Identification Number (NIN), and other credentials, to open multiple bank accounts across various financial institutions.”
These accounts, according to the police, “were subsequently used to receive, conceal, and launder illicit proceeds.”
Furthermore, authorities confirmed that both suspects are currently in custody and will soon be charged in court.
“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 added.
Meanwhile, the Inspector General of Police, Olatunji Disu, has commended the Special Fraud Unit for the successful investigation.
He said the achievement reflects the force’s growing capacity to tackle modern financial and cyber-related crimes.
Mr Placid further noted that the IGP “commended the officer of the Police Special Fraud Unit for their efforts and reaffirmed the commitment of the Nigeria Police Force to combating financial and cyber-enabled crimes.”
In addition, the police have assured the public that more arrests may follow as investigations expand into other linked accounts and suspects.
