Police Arraign Suspect Over Alleged $55,000 Fraud in Lagos

The Police Special Fraud Unit (PSFU) has arraigned a man, Casmir Chineneyeze Nwankwo, before the Federal High Court in Lagos over an alleged $55,000 fraud and money laundering case after investigators traced the suspected proceeds of the crime through digital financial investigations.

The suspect was docked on multiple counts bordering on obtaining money by false pretence and money laundering involving the sum of $55,000, valued at about N88 million.

According to a statement issued on Friday by the Police Public Relations Officer of the PSFU, DSP Ovie Kenneth Ewhubare, the prosecution followed an investigation by the Unit’s Cyber and Advance Fee Fraud Section after it received a petition from a technology company alleging that the defendant fraudulently obtained the money.

Police said the investigation revealed that the suspect allegedly induced the company to release the funds through false representations before diverting the money for his personal use.

The statement added that investigators deployed digital forensic and financial investigative tools to track the movement of the funds, leading them to several bank accounts linked to the suspect where the alleged proceeds of the crime were uncovered.

It said the findings also indicated an alleged attempt to conceal and dissipate the funds through different financial channels, leading to his prosecution before the court.

The Commissioner of Police, Police Special Fraud Unit, CP Eloho Edwin Okpoziakpo, urged members of the public and corporate organisations to promptly report cases of fraud and suspicious financial transactions to law enforcement agencies.

He said early reporting remained critical to successful investigations because it enhanced the ability of investigators to trace fraud proceeds, preserve digital and financial evidence, and prevent suspects from concealing or dissipating illicit funds.

“Timely reporting remains a critical factor in successful investigations, as it greatly enhances the ability of investigators to trace fraud proceeds, preserve vital digital and financial evidence, and prevent suspects from dissipating or concealing illicit funds,” Okpoziakpo said.

The police commissioner added that prompt engagement with law enforcement also improved the chances of recovering stolen funds and bringing perpetrators to justice.

He assured the public of the PSFU’s commitment to handling fraud and other financial crime cases professionally and diligently.