By Oluwakemi Kindness
The Nigeria Police Force (NPF) has dismantled a major bank fraud syndicate linked to the diversion of over ₦713.9 million from customers’ accounts, arresting two key suspects and launching a manhunt for other members of the network.
The breakthrough was achieved by operatives of the Police Special Fraud Unit (PSFU) following a petition from a Nigerian financial institution that flagged a pattern of unauthorized transactions.
Preliminary findings traced the breach to vulnerabilities associated with a third-party digital platform.
In a statement issued on Wednesday by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, investigators deployed advanced digital forensic tools to unravel the scheme.
The probe revealed that at least 15 bank customers were affected, with funds siphoned through a web of accounts in a coordinated laundering operation designed to obscure the money trail.
Police arrested Oguntoyinbo Olawale and Kazeem Omokayode in connection with the fraud. Further investigations indicate that the duo allegedly worked with a Chinese national identified only as “Linda,” who remains at large.
According to the police, the syndicate exploited stolen personal data—including Bank Verification Numbers (BVN), National Identification Numbers (NIN), and other sensitive credentials—to open multiple accounts across various financial institutions, facilitating the illicit movement of funds.
The NPF confirmed that the suspects in custody will be charged to court, while efforts are ongoing to apprehend fleeing members of the network.
Commending the PSFU for the operation, the Inspector-General of Police reaffirmed the Force’s commitment to combating cybercrime and safeguarding Nigeria’s financial system.
The latest crackdown underscores growing concerns over data security and the exploitation of digital banking channels, as authorities intensify efforts to curb financial fraud in the country.
