By Gabriel Ameh
The Nigeria Police Force, through the Police Special Fraud Unit (PSFU), has dismantled a sophisticated financial crime syndicate linked to the diversion of ₦713.9 million from multiple bank customers’ accounts.
The operation followed a formal complaint from a Nigerian financial institution over a series of unauthorized transactions traced to vulnerabilities in a third-party platform.
Acting on the report, PSFU operatives deployed advanced digital forensic tools and investigative techniques, which revealed that 15 customers’ accounts were compromised. The stolen funds were then rapidly moved through a coordinated network of bank accounts in an effort to conceal and launder the proceeds.
Two suspects, identified as Oguntoyinbo Olawale and Kazeem Omokayode, were arrested in connection with the fraud scheme.
Investigations further revealed that the suspects allegedly worked with a Chinese national identified as Linda, who is currently at large. The group reportedly used stolen personal data including Bank Verification Number (BVN), National Identification Number (NIN), and other identity credentials to open multiple bank accounts across different financial institutions. These accounts were then used to receive and launder illicit funds.
The arrested suspects are currently in custody and will be charged in court upon conclusion of investigations, while efforts are ongoing to apprehend other members of the syndicate still on the run.
The Inspector-General of Police commended the Police Special Fraud Unit for the breakthrough and reaffirmed the Nigeria Police Force’s commitment to tackling financial and cyber-enabled crimes across the country.
DCP Anthony Okon Placid, Force Public Relations Officer, Force Headquarters, Abuja, confirmed the development on May 6, 2026.
