Police apprehend suspected fraudster for alleged N320m fraud

The Force Criminal Investigation Department (FCID) has detained a self-acclaimed licensed Bureau De Change (BDC) operator, Chinedu Ngwaka, for alleged fraud of N320 million.

The FCID’s Police Public Relations Officer (PPRO), ASP. Aminat Mayegun, confirmed this in a post she shared on her X handle @mayegunAmina on Wednesday.

She said that the police received a petition addressed to the Assistant Inspector General of Police (AIG), Mr Ayodeji Ogundele, FCID Annex, Lagos on Sept. 9.

“Chinedu Laz and Partners (Deo Gratia Chambers) filed a petition on behalf of Mr Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited, against Ngwaka and wife, Janet, of being involved in a fraudulent scheme amounting to N320 million.

“Upon receipt of the petition, detectives from the Special Investigations Team (SIT) of the Anti-Fraud Section attached to FCID Annex, Lagos, swiftly swung into intelligence led investigation.

“The team reviewed relevant banking records and secured a warrant of arrest, which led to the apprehension of Ngwaka.”

PPRO said that further investigation revealed that between March and May 2024, Unachukwu made payments totaling N320 million to Ngwaka and his wife.

“Unachukwu made payment of N320 million through Ngwaka company accounts, Edunaco Multiple Resources Limited and Bright Janes World, for the procurement of $200,000 USD to facilitate the supply of goods from China.

“However, additional intelligence uncovered fraudulent document, including a telex confirmation from Zenith Bank, which purportedly shows the completion of the transactions in two $100,000 USD tranches.

“The Chinese suppliers confirmed that no such funds were received,” she said.

Mayegun said that during the operation, the SIT recovered a black 2024 Toyota Hilux with a fraudulent Presidency number plate (02B679FG) from Ngwaka, who falsely claimed to operate under the name Phobia BDC Ltd.

“Verification with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed that he had no association with the company in any form, and that the company’s license has been revoked earlier in the year.

“Additionally, a fake identity card, purportedly issued by the Federal Ministry of Labour and Employment, was discovered, fraudulently identifying Ngwaka as a consultant of the ministry.

“Another letter of introduction addressed ‘to whom it may concern’, purportedly issued by the Head of Service of the Federation, seeking allocation of presidency number plate to the suspect was also recovered from him.

“Relevant authorities have confirmed the illegitimacy of the document.

“The investigation further revealed that the Toyota Hilux, imported into Nigeria in June by Humble Autos, who sold same to a local dealership, Don-Neiel Automobiles Nigeria who subsequently sold to Ngwaka, after he had engaged in the fraudulent transaction with Unachukwu,” she said.

The image maker said that several other petitions had been received against the suspect, including claims from Mr Moses Enechukwu and Chinedu Nwaforcha, seeking the recovery of ₦1 billion and ₦840 million respectively.

She said that upon the conclusion of the investigation, Ngwaka, along with his co-conspirators, would be charged to court for prosecution.

Mayegun said that the AIG Ogundele advised Nigerians to remain vigilant and report any similar fraudulent acts to the relevant authorities.

“Ogundele urged the pubilc to report fraudulent activities and further warned citizens that anyone involved in such illegal activities will face the full consequences of the law,” the PPRO said.