MAN ARRAIGNED OVER ALLEGED $55,000 FRAUD, MONEY LAUNDERING IN LAGOS

The defendant is facing multiple charges of obtaining money under false pretences and laundering proceeds of crime involving $55,000, valued at about N88 million.

The prosecution followed an investigation by the Cyber and Advance Fee Fraud Section of the PSFU after the Unit received a petition from a technology company accusing the suspect of fraudulently obtaining the money.

According to the police, investigations showed that the defendant allegedly deceived the company into releasing the funds, which were later diverted and converted to personal use.

In a statement issued on Friday, the Police Public Relations Officer of the PSFU, DSP Ovie Kenneth Ewhubare, said detectives deployed digital forensic tools and financial intelligence to trace the movement of the funds.

He explained that the investigation uncovered several bank accounts linked to the suspect, where the alleged proceeds of the crime were traced. Further findings, he said, indicated attempts to conceal and move the funds through different financial channels.

The police said the outcome of the investigation led to the defendant’s prosecution before the Federal High Court.

Reacting to the development, the Commissioner of Police, Police Special Fraud Unit, CP Eloho Edwin Okpoziakpo, urged individuals and corporate organisations to promptly report cases of fraud and suspicious financial transactions to the police.

According to him, early reporting improves the chances of tracing stolen funds, preserving critical digital and financial evidence, and preventing suspects from concealing or dissipating illicit proceeds.

The Commissioner added that swift engagement with law enforcement also enhances the likelihood of recovering stolen assets and ensuring those responsible are brought to justice.