POLICE BUST INTERNATIONAL SYNDICATE OVER ALLEGED N6.17BN CYBER FRAUD

By ‘Balogun Ibrahim

Operatives of the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) have uncovered an international cybercrime syndicate allegedly responsible for diverting N6.174 billion from the treasury collection accounts of a financial institution during a digital system migration.

The Assistant Inspector-General of Police in charge of the NPF-NCCC, AIG Akaninyene Ezima, disclosed this on Wednesday during a briefing in Abuja.

Ezima said two Indian nationals allegedly linked to the scheme had been arrested, while efforts were underway to apprehend the suspected mastermind.

According to him, preliminary investigations showed that the syndicate exploited vulnerabilities created during the financial institution’s profile reconfiguration as it migrated from a public-sector Application Programming Interface (API) to a private-sector API.

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Investigators reportedly traced 761 unauthorised transactions worth N6.174 billion to 105 beneficiary accounts across 19 commercial banks.

Ezima added that the syndicate had attempted to divert an additional N24.319 billion before the larger transaction was intercepted.

He said the stolen funds were allegedly laundered through legitimate corporate transactions involving customers of Ecovista Industries BVT Limited.

The AIG cited the case of a customer who paid N27.5 million for a commercial consignment of rice but was later informed by the company that it had experienced an issue with its bank account.

The company subsequently refunded the customer the N27.5 million from funds allegedly diverted through the compromised platform and instructed the customer to transfer the money to another account.

Ezima said the refund was allegedly part of the stolen funds and was used to disguise the proceeds through legitimate transactions.

Two Indian nationals allegedly connected to the company are currently in police custody and assisting with the investigation.

The AIG identified the company’s Managing Director, Sandy Agawala, as a person of interest and principal suspect in the case.

He said Agawala was believed to have left Nigeria, adding that the police had commenced legal procedures, including extradition processes, to secure his arrest.

Ezima disclosed that the case had been taken to court, while forensic investigators were tracing assets allegedly linked to the fraud for possible recovery.

Police arrest Abuja robbery suspects

The AIG also announced the arrest of two suspects allegedly involved in a robbery targeting a couple who were exercising in Abuja on September 20, 2026.

He said the suspects, who allegedly operated on a motorcycle, robbed the victims of a Samsung Galaxy Z Flip 7 and an iPhone 17 Pro Max before gaining access to their mobile banking applications.

According to Ezima, the suspects allegedly transferred $950 from a foreign currency account and N1.219 million from a naira account belonging to the victims.

He said digital forensic analysis of a N50,000 airtime purchase made with part of the stolen funds helped investigators trace and arrest the suspects.

Several items were recovered during searches, including mobile phones, National Identification Number cards, corporate documents, a Toyota Corolla, ATM cards, seven Point-of-Sale terminals and a weapon.

Investigators also discovered that one of the suspects allegedly operated two different Bank Verification Numbers under separate names but with identical photographs.

Police recover Dubai-bound electronics

Ezima further disclosed that the NPF-NCCC had resolved an international transit theft involving a consignment shipped from Dubai to Nigeria.

The consignment contained 222 iPhones and 15 smartwatches valued at $144,000. However, upon arrival, the importer allegedly discovered that the electronics had been removed and replaced with old phone chargers and discarded newspapers.

Police operations in Oyo and Lagos states led to the arrest of key suspects and the recovery of some of the stolen devices.

Three other suspects remained in custody as efforts to recover the remaining items continued.

US extradition suspect arrested

The AIG also confirmed the arrest of Abiodun Olawale-Lawal, who is wanted in the United States over alleged wire fraud and attempted wire fraud.

He said the arrest followed an official extradition request received through the Office of the Attorney-General of the Federation on September 4, 2026.

According to him, NPF-NCCC operatives arrested Olawale-Lawal in Abuja on September 11, while extradition proceedings had commenced before a court.

Police warn against unverified online posts

Ezima also warned members of the public against sharing unverified information online, citing an increase in cases involving cyber-stalking, cyber-bullying and alleged criminal defamation across digital platforms.

He urged social media users to verify information before publishing or sharing it.

The NPF-NCCC also announced plans for a multi-stakeholder cyber-awareness campaign involving government agencies, financial institutions, technology companies and academic institutions.

The initiative will include stakeholder engagements at the Police Resource Centre, school outreach programmes and a public awareness walkathon aimed at strengthening cyber awareness and national cyber resilience.