Police Uncover N713.9m Bank Fraud, Arrest Two Suspects

Police have busted a fraud syndicate that walked away with N713.9 million from 15 customer accounts across multiple banks — exploiting weaknesses in a third-party financial platform to drain the accounts undetected.

The PSFU took over after a financial institution flagged suspicious unauthorised debits. Two suspects, Oguntoyinbo Olawale and Kazeem Omokayode, are in custody. A Chinese national known only as Linda helped procure BVNs and NINs used to open accounts at different banks, police said. She’s still at large.

Those accounts became conduits to move the stolen funds through a laundering network — small amounts spread across many accounts to avoid triggering alerts.

“The suspects currently in custody will be arraigned before a court of competent jurisdiction, while efforts are being intensified to apprehend other members of the syndicate still at large,” said DCP Anthony Placid, Force PRO.

The case puts a spotlight on how third-party financial platforms remain a soft target. Authentication gaps that seem minor add up to a system that’s easy to game.

Sources: Punch, Business Post, The Whistler, allAfrica