Police Special Fraud Unit (PSFU), Ikoyi, Lagos, have arrested a suspected member of a cybercrime syndicate allegedly linked to a ₦3 billion fraud targeting a financial institution.
The suspect, identified as Adeleke Hafees, was apprehended following an extensive investigation into what police described as a sophisticated cyber intrusion involving unauthorised access to the institution’s database.
Confirming the development, the PSFU Public Relations Officer, DSP Ovie Kenneth Ewhubare, said members of the syndicate allegedly deployed Point of Sale (POS) terminals and other technological tools to breach the system, enabling them to initiate fraudulent transactions valued at over ₦3 billion.
Preliminary investigations revealed that the proceeds of the alleged fraud were swiftly moved through multiple bank accounts in a bid to conceal the origin and trail of the funds.
Ewhubare added that detectives utilised advanced digital forensic tools and financial intelligence techniques to trace the transactions, identify members of the syndicate, and recover critical digital evidence to support prosecution.
“The arrest followed a painstaking investigation into a sophisticated cyber intrusion in which members of the syndicate deployed POS terminals and other technological means to gain unauthorised access to a financial institution’s database. This enabled them to carry out fraudulent transactions running into billions of naira,” he said.
The Commissioner of Police, PSFU, CP Eloho Edwin Okpoiakpo, commended the investigative team for its professionalism and resilience in uncovering the alleged fraud.
He directed officers to intensify efforts to apprehend other members of the syndicate still at large, stressing that the unit remains committed to ensuring all those connected to the crime are brought to justice.
The police also reassured the public of their commitment to tackling cybercrime through intelligence-led policing, digital forensics, and collaboration with relevant stakeholders to safeguard Nigeria’s financial system.
Investigations are ongoing, with efforts underway to track and arrest other suspects believed to be part of the network.
