Nigeria Police Force has arrested two suspected members of a fraud syndicate linked to the theft and laundering of over N713.9 million through compromised bank accounts, while a Chinese national believed to be part of the network remains at large.
In a statement issued by the Force Public Relations Officer, ACP Anthony Okon Placid, the police said the arrests followed a complaint by a financial institution over unauthorised debits traced to a breach involving a third-party banking platform.
According to the statement, the case was investigated by operatives of the Police Special Fraud Unit (PSFU), who deployed digital forensic and advanced investigative tools to uncover the scheme.
Investigators discovered that fifteen customer accounts had been compromised, with the stolen funds allegedly moved through a coordinated network of accounts designed to conceal and launder the proceeds.
The operation led to the arrest of two suspects identified as Oguntoyinbo Olawale and Kazeem Omokayode.
Further findings revealed that the suspects allegedly worked alongside a Chinese national identified simply as Linda, who is currently on the run. Police said the syndicate used stolen personal identification details, including Bank Verification Numbers (BVN), National Identification Numbers (NIN), and other credentials, to open multiple accounts across different financial institutions.
The accounts were reportedly used to receive and launder the illicit funds.
Police authorities confirmed that the arrested suspects would be arraigned before a court of competent jurisdiction, while efforts were ongoing to track down other members of the syndicate still at large.
The Inspector-General of Police, Olatunji Disu, commended officers of the Police Special Fraud Unit for the successful operation and reiterated the commitment of the Nigeria Police Force to tackling financial crimes and cyber-related offences across the country.
