LAGOS BANKER, SEVEN OTHERS ARRAIGNED OVER ALLEGED ₦710 MILLION PROOF-OF-FUNDS FRAUD

Police Special Fraud Unit files 12-count charge at Federal High Court following complex investigation into fraudulent account disbursements, forged documentation, and asset acquisitions

The Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has arraigned a banker and seven other suspects before the Federal High Court in Lagos over their alleged involvement in a ₦710 million proof-of-funds fraud.  

The defendants were docked on a 12-count charge following a detailed investigation into the fraudulent disbursement of funds that had been placed on Post-No-Debit (PND) restrictions across eight designated bank accounts.  

According to police authorities, the investigation commenced after a formal petition was submitted to the Commissioner of Police, PSFU, CP Eloho Edwin Okpoziakpo, exposing unauthorized transactions executed using forged banking documents, altered indemnities, and disputed proof-of-funds records.  

Forensic analysis conducted by the Corporate and Public Accounts Fraud Section of the PSFU revealed that a senior relationship officer at a commercial bank allegedly conspired with external accomplices to obtain personal identification details of third parties, facilitating the opening of accounts used to receive and launder the proceeds.  

The prosecution disclosed that law enforcement agents successfully traced and identified assets suspected to have been acquired with proceeds of the fraud, including a luxury 2020 Lexus RX 350, two Toyota Camry vehicles, a plot of land in Magodo Phase I, investments in online trading platforms, and a commercial beauty spa.  

Reaffirming the unit's commitment to tackling financial crimes, the PSFU leadership stated that thorough, evidence-based investigations will continue to be conducted to ensure that corporate fraud, cyber-enabled money laundering, and executive breaches of trust are fully prosecuted in courts of competent jurisdiction.