RismadarVoice Reporters, May 7, 2026
The Nigeria Police Force has uncovered a major financial fraud syndicate responsible for the diversion of over ₦713.9 million from customers’ accounts, marking a significant breakthrough in the fight against cyber-enabled financial crimes.
The operation, carried out by the Police Special Fraud Unit (PSFU), followed a formal complaint lodged by a Nigerian financial institution.
Earlier, the bank had reported a series of unauthorised debits traced to security vulnerabilities linked to a third-party digital platform.
According to police authorities, investigators deployed advanced digital forensic tools and intelligence-gathering techniques, which revealed that at least 15 customer accounts had been compromised. The stolen funds were subsequently routed through a complex web of accounts in a coordinated laundering scheme designed to obscure their origin.
The investigation led to the arrest of two suspects identified as Oguntoyinbo Olawale and Kazeem Omokayode. Police sources disclosed that the suspects allegedly collaborated with an accomplice, identified simply as Linda, a Chinese national who remains at large.
Preliminary findings indicate that the syndicate exploited sensitive personal identification data—including Bank Verification Numbers (BVN), National Identification Numbers (NIN), and other credentials—to fraudulently open multiple bank accounts across several financial institutions. These accounts were then used as conduits for receiving and laundering illicit funds.
Authorities confirmed that the suspects currently in custody will be arraigned before a court of competent jurisdiction, while efforts are ongoing to apprehend other members of the network still evading arrest.
The Inspector-General of Police, Olatunji Rilwan Disu, commended the operatives of the PSFU for their professionalism and diligence. He reaffirmed the commitment of the Nigeria Police Force to intensifying its crackdown on financial crimes and safeguarding the integrity of the nation’s banking system.
The Force reiterated its call for financial institutions and the public to strengthen cybersecurity measures and promptly report suspicious transactions as part of a collective effort to combat fraud.
