Police bust syndicate linked to N1bn fraudulent vehicle acquisition in Lagos

By Deborah Akpede

The Police have busted an alleged criminal syndicate involved in fraudulent acquisition of exotic vehicles from dealers with dud cheques in Lagos.

Members of the syndicate have fraudulently acquired 29 vehicles valued at over N1 billion before they were busted, Lagos Commissioner of Police, Mr Fatai Tijani, disclosed on Tuesday while briefing journalists at the Command Headquarters in Ikeja.

According to him, detectives of the State Criminal Investigation Department (SCID), Panti, uncovered the syndicate after harmonizing investigations of three separate cases.

He said the cases involved conspiracy, obtaining goods under false pretences, fraudulent conversion, stealing and issuance of dud cheques.

Tijani said though the complaints were lodged independently by different victims at different times, investigations revealed that they were perpetrated by the same criminal network.

He said the syndicate operated with a common modus operandi involving deception and fraudulent acquisition of vehicles from unsuspecting dealers.

“The investigations established the existence of a coordinated syndicate specialising in fraudulently obtaining exotic vehicles from unsuspecting dealers.

“They did this through deception and the issuance of dud or post-dated cheques before converting the vehicles for personal gain,” he said.

The commissioner said investigations linked the syndicate to the fraudulent acquisition of 29 vehicles worth over N1 billion.

He said intelligence-led operations, aided by the AUTOREG vehicle tracking platform, had so far led to the recovery of eight vehicles.

Tijani said efforts were ongoing to recover the remaining vehicles and arrest fleeing suspects.

He said the recovered vehicles included Toyota Highlander SUVs, Toyota Hiace buses, a Toyota RAV4 and a Ford Edge SUV.

The police commissioner said investigations also led to the arrest of key members of the syndicate.

He added that several other suspects, believed to be principal beneficiaries of the fraud, remained at large.

Tijani said investigations showed that the syndicate targeted reputable vehicle dealers by falsely claiming the vehicles were for legitimate business transactions or political purposes.

He said the suspects obtained the vehicles using dud or post-dated cheques before transferring them to third parties.

He said the suspects also concealed the identities of the principal beneficiaries through intermediaries.

The commissioner said one of the cases involved the fraudulent acquisition of seven vehicles valued at about N700 million.

He said the suspects falsely claimed they were supplying the vehicles to prominent politicians in Abuja.

Tijani said another case involved the alleged fraudulent acquisition of 10 Toyota Hiace buses valued at N320 million.

He said the vehicles were obtained using a post-dated cheque that was later dishonoured due to insufficient funds.

The police boss said detectives recovered eight of the buses, although they were damaged, while two buses valued at N56.5 million remained outstanding.

Tijani said the investigation exposed a wider organised criminal enterprise rather than isolated incidents.

“The success of this investigation underscores our commitment to dismantling organised criminal syndicates operating within and beyond Lagos State.

“All suspects connected with these cases will be apprehended and prosecuted,” he said.

The commissioner advised vehicle dealers, buyers and sellers to verify the identities and registration status of individuals and businesses before releasing vehicles.

He urged them to exercise caution, especially where payment involved post-dated cheques or unfamiliar intermediaries.

Tijani appreciated members of the public for providing credible information that aided the investigation.

He urged residents to continue supporting the police with timely intelligence.

One of the suspects, a 68-year-old man, denied knowing that the vehicles were fraudulently obtained.

The suspect told journalists that one of the principal suspects asked him to source buyers and promised him a 30 per cent commission on each successful sale.

He maintained that he neither negotiated prices nor dealt directly with the vehicle owners, insisting that his role was limited to introducing buyers.

According to him, one of the vehicles was tracked by the police after the buyer attempted to register it.

He insisted that he was unaware of the alleged fraud and only learnt of it after his arrest by the police.

(NAN)