Police arrest alleged fraudster in N320m scam

Operatives of the Special Investigations Team under the Force Criminal Investigations Department (FCID) Annex in Lagos State have apprehended Chinedu Ngwaka for his alleged involvement in a ₦320 million fraud scheme.

Ngwaka, who claims to be a Bureau De Change operator, is also accused of using a fraudulent Presidency number plate on his Toyota Hilux vehicle and possessing a fake identity card allegedly issued by the Federal Ministry of Labour and Employment.

The arrest was disclosed in a statement released on Wednesday by the Police Public Relations Officer of the FCID Annex in Lagos State, Mayegun Aminat, via her X (formerly Twitter) handle, #mayegunAmina.

The statement revealed that on September 9, 2024, the Nigeria Police Force received a petition addressed to the Assistant Inspector-General of Police, FCID Annex, Lagos. The petition, filed by Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr. Tochukwu Unachukwu, Managing Director of Casco Electronics Company Limited, accused Chinedu Ngwaka and his wife, Janet Onyekachi Ngwaka, of orchestrating the multi-million naira fraud.

“Upon receipt of the petition, detectives from the Special Investigations Team of the anti-fraud Section attached to Force Criminal Investigations Department (FCID) Annex, Lagos, swiftly swung into the intelligence-led investigation. The team reviewed relevant banking records and secured a warrant of arrest, which led to the apprehension of Chinedu Ernest Ngwaka, a self-acclaimed Licensed Bureau De Change (BDC) operator.

“Further investigation revealed that between March and May 2024, Mr Unachukwu made payments totalling N320m to Ngwaka and his wife through their company accounts, Edunaco Multiple Resources Limited and Bright Janes World for the procurement of USD 200,000 to facilitate the supply of goods from China.

“However, additional intelligence uncovered fraudulent documents, including a telex confirmation from Zenith Bank, which purportedly shows the completion of the transactions in two USD 100,000 tranches. The Chinese suppliers confirmed that no such funds were received.

“During the operation, the SIT recovered a black 2024 Toyota Hilux with a fraudulent Presidency number plate (02B679FG) from the suspect, Ngwaka, who falsely claimed to operate under the name ‘Phobia BDC Ltd.’ but 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 licence has been revoked earlier in the year.”

Aminat noted that the police operatives also received other petitions against Ngwaka, “including claims from Mr Moses Chizoba Enechukwu and Chinedu Nwaforcha, seeking the recovery of ₦1 billion and ₦840m respectively.

“Upon the conclusion of the investigation, Ngwaka, along with his co-conspirators, will be charged to court for prosecution.

“The Assistant Inspector-General of Force CID Annex Lagos urges the public to remain vigilant and report any similar fraudulent activities to the relevant authorities. Citizens are further warned that anyone involved in such illegal activities will face the full consequences of the law.”