Police Busts Syndicate Who Allegedly Stole N3Bn from Financial Institution

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.

Police did not name the financial institution where the money was stolen but DSP Ovie Ewhubare, spokesperson for the Unit, in a statement Friday, said that 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 Mr Eloho Okpoiakpo, commissioner of Police in charge of the PSFU, 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.