Two suspected fraudsters, identified as Oguntoyinbo Olawale and Kazeem Omokayode, are currently in police custody, explaining what they know about the N713.9 billion diverted from the bank accounts of 15 customers of a financial institution in Nigeria.
A statement issued by the Force Public Relations Officer, Mr Anthony Okon Placid, a Deputy Commissioner of Police (DCP), disclosed that the suspects worked in connivance with a Chinese national, simply identified as Linda, who is at large, to carry out the alleged act.
They were accused of using personal identification details, including Bank Verification Number (BVN), National Identification Number (NIN), and other credentials, to open multiple bank accounts across various financial institutions, mainly to receive, conceal, and launder illicit proceeds.
The fraud syndicate was busted by the Police Special Fraud Unit (PSFU) after a complaint from the bank, which observed a series of unauthorised debits linked to security breaches associated with a third-party platform.
Personnel of PSFU deployed advanced investigative and digital forensic techniques, and found out that 15 customers’ accounts were compromised, with funds swiftly funnelled through a network of accounts in a coordinated laundering operation.
The statement said the suspects would be arraigned before a court of competent jurisdiction, while efforts are being intensified to apprehend other members of the syndicate still at large.
