The Nigeria Police Force has uncovered a fraud syndicate linked to the diversion of N713.9 million from customers’ bank accounts, with two suspects arrested in connection with the crime.

The Force Public Relations Officer, DCP Anthony Placid, disclosed this in a statement issued on Wednesday in Abuja.

According to the statement, the breakthrough was achieved by operatives of the Police Special Fraud Unit following a complaint from a financial institution over unauthorised debits traced to security breaches on a third-party platform.

“The Nigeria Police Force, through the Police Special Fraud Unit (PSFU), has recorded a major breakthrough in the fight against financial crimes with the uncovering of a sophisticated fraud syndicate responsible for the diversion of over Seven Hundred and Thirteen Million, Nine Hundred Thousand Naira (₦713,900,000) from customers’ accounts,” the statement read.

The police said investigations revealed that 15 customers’ accounts were compromised, with funds moved through multiple accounts in a coordinated laundering scheme.

“Acting on the complaint, operatives of the PSFU deployed advanced investigative and digital forensic techniques, which revealed that fifteen (15) customers’ accounts were compromised, with funds swiftly funneled through a network of accounts in a coordinated laundering operation.

“The operation led to the arrest of two suspects, Oguntoyinbo Olawale and Kazeem Omokayode,” the statement added.

Further investigations, according to the police, showed that the suspects allegedly conspired with a Chinese national identified simply as Linda, who is currently at large.

“Further investigations established 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 were subsequently used to receive, conceal, and launder illicit proceeds,” the statement said.

The police said the suspects in custody would be arraigned in court, while efforts were ongoing to apprehend other members of the syndicate.

The Inspector-General of Police, Olatunji Disu, commended officers of the Police Special Fraud Unit for the operation and reaffirmed the commitment of the force to tackling financial and cyber-related crimes. (The PUNCH, but headline rejigged)

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