The Nigeria Police Force Special Fraud Unit (PSFU) has uncovered a large-scale banking fraud involving more than N713 million, following the arrest of two suspects linked to a coordinated cyber-enabled syndicate that allegedly compromised multiple customers’ accounts.
According to a statement by Deputy Commissioner of Police (DCP) Anthony Placid, who serves as Force Public Relations Officer, the operation was triggered after a financial institution lodged a complaint over several unauthorised transactions traced to breaches linked to a third-party platform.
Acting on the intelligence, operatives of the PSFU deployed digital forensic tools and advanced investigative techniques, which led to the discovery that at least 15 bank customers had their accounts illegally accessed.
Investigators said the stolen funds were moved through several accounts in a structured laundering network designed to conceal the origin of the money.
Two suspects, Oguntoyinbo Olawale and Kazeem Omokayode, were arrested in connection with the scheme, while a third suspect, identified as Linda, a Chinese national, is currently at large.
Police investigations revealed that the suspects allegedly worked together to obtain sensitive personal data, including Bank Verification Number (BVN), National Identification Number (NIN), and other banking credentials.
These details were then used to open multiple accounts across different financial institutions, which served as channels for receiving and laundering illicit funds.
The police confirmed that the suspects in custody would be charged to court, while efforts continue to track down other members of the syndicate.
The Inspector-General of Police, IGP Olatunji Disu, praised the PSFU for what he described as a successful operation and reaffirmed the Force’s commitment to tackling financial and cyber-related crimes across the country.
In a related development, the police leadership also reiterated its readiness to ensure a secure environment ahead of the 2027 general elections.
The assurance came during a meeting between the IGP and the Chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan (SAN), at the Force Headquarters in Abuja.
The visit, according to police authorities, was aimed at strengthening coordination for peaceful and credible elections.
Professor Amupitan stressed the importance of proactive security arrangements and specialised training for security personnel deployed for electoral duties.
He also called for measures to guarantee that Internally Displaced Persons (IDPs) and Persons Living with Disabilities (PWDs) are able to vote without intimidation or restriction.
In response, the IGP assured that all officers assigned to election duty would operate strictly under the provisions of the Nigerian Constitution and the Electoral Act, adding that personnel were undergoing continuous training on rules of engagement and human rights protection.
