The Police Special Fraud Unit (PSFU) in Ikoyi, Lagos, have arrested a suspected member of a cybercrime syndicate, allegedly linked to a N3 billion fraud targeting a financial institution.
The suspect, Adeleke Hafees, was arrested following extensive investigation into what police sources described as “a sophisticated cyber intrusion involving unauthorised access to the database of a financial institution”.
PSFU Public Relations Officer, DSP Ovie Kenneth Ewhubare, confirmed the arrest, adding that members of the syndicate allegedly deployed Point of Sale (POS) terminals and other technological tools to breach the institution’s database, enabling them to initiate fraudulent transactions valued at more than N3 billion.
He stated that preliminary investigations have revealed that the proceeds of the alleged fraud were rapidly transferred through multiple bank accounts in deliberate attempt to conceal the origin and movement of the funds.
He added that detectives deployed advanced digital forensic tools and financial intelligence techniques to trace the illicit transactions, identify members of the syndicate and recovered crucial digital evidence that would aid the prosecution of the suspects involved.
“The arrest followed a painstaking investigation into a sophisticated cyber intrusion in which members of the syndicate deployed Point of Sale (POS) terminals and other technological means to gain unauthorised access to the database of a financial institution. The breach enabled the suspects to initiate fraudulent transactions running into billions of naira,” he said.
The Commissioner of Police, Police Special Fraud Unit, CP Eloho Edwin Okpoiakpo, commended the investigating team for its professionalism and resilience in unraveling the alleged cyber fraud.
He directed the detectives to intensify efforts to apprehend other members of the syndicate who are still at large, stressing that the Unit would leave no stone unturned in ensuring all those connected with the alleged crime are brought to justice.
The police assured members of the public of their continued commitment to combating cybercrime through intelligence-led policing, digital forensics and collaboration with relevant stakeholders to safeguard Nigeria’s financial system.
Investigations into the case are on-going, while efforts have been intensified to arrest other fleeing suspects believed to be part of the cybercrime network, the police said.
