The Police Special Fraud Unit (PSFU) has successfully dismantled a sophisticated criminal syndicate responsible for stealing over ₦713.9 million from various bank customers.
The investigation was triggered by a financial institution that reported unauthorized debits resulting from security breaches on a third-party platform.
Force Spokesman Anthony Placid confirmed the arrest of two primary suspects, Oguntoyinbo Olawale and Kazeem Omokayode.
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Digital forensic analysis revealed that the group compromised 15 accounts and used stolen personal data—including BVNs and NINs—to open several "shell" accounts across multiple banks.
These accounts were used to receive and launder the stolen funds in a coordinated effort to evade detection.
According to Qubes Magazine, the syndicate allegedly worked in tandem with a Chinese national identified as Linda, who is currently at large.
The police have intensified efforts to track down Linda and other fleeing members of the gang.
The arrested suspects are expected to be arraigned soon as the police continue to crack down on high-tech financial crimes targeting the Nigerian banking sector.
#FinancialCrime #FraudAlert #NigeriaPolice #PSFU #BankingSecurity #CyberCrime #MoneyLaundering #NigeriaNews
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