Police nab suspect over alleged theft of N3bn from financial institution

By Deborah Akpede

The Police Special Fraud Unit (PSFU), Ikoyi, Lagos, said its operatives have busted a syndicate who used Point of Sale (POS) terminals and other technological tools to gain access to financial institution’s database to steal more than N3 billion.

The spokesperson for the Unit, DSP Ovie Ewhubare, said in this in a statement Friday.

Ewhubare said while a member of the syndicate has been arrested, other remained at large.

The PSFU spokesperson said the suspect was apprehended following an extensive investigation into a sophisticated cyber intrusion targeting a financial institution.

“The members of the syndicate allegedly used Point of Sale (POS) terminals and other technological tools to gain unauthorised access to the financial institution’s database.

“The breach enabled the suspects to initiate fraudulent transactions worth more than N3 billion,’’ he said.

According to him, investigations reveal that the proceeds of the alleged fraud are quickly laundered through multiple bank accounts in an attempt to conceal the source and movement of the funds.

The spokesperson said that the detectives deployed advanced digital forensic techniques and financial analysis to trace the transactions, identify members of the syndicate and recover key evidence to support prosecution.

Ewhubare said that the Commissioner of Police in charge of the PSFU, Mr Eloho Okpoiakpo, commended the investigating team for its professionalism in uncovering the alleged fraud.

He said that Okpoiakpo directed the detectives to intensify efforts to apprehend other fleeing members of the syndicate, assuring that every effort would be made to bring all those involved to justice.

(NAN)