The Lagos State Police Command has apprehended four individuals suspected of defrauding two airline companies by hacking into their accounts and diverting millions of pounds. The fraudsters are accused of stealing £138,924, equivalent to ₦277,848,000, from accounts held by international airlines in a commercial bank in Lagos.
The incident came to light after a former employee of a prominent new generation bank raised an alarm about the missing funds. According to the police, the suspects targeted two domiciliary accounts, used by the airlines to store foreign currency. They managed to bypass security measures, siphoning the funds into different accounts before eventually collecting the full sum.
The Lagos Commissioner of Police, Jimoh Moshood, through his spokesperson, CSP Benjamin Hundeyin, confirmed the arrests and outlined the events leading to the crime. Moshood explained that the fraudsters transferred the funds from the affected accounts and then moved them to other domiciliary accounts before making the final withdrawal. The case was immediately reported to the police by the bank, which led to a swift investigation and the subsequent arrests.
The investigation began in earnest after the bank’s report. The police traced the stolen money and managed to track down the prime suspect, 27-year-old Shuaib Olaleye, on March 12. Olaleye was arrested in Ogun State, and a Toyota Camry, believed to be purchased with proceeds from the crime, was recovered from him at his hideout. Following his arrest, further investigations led to the capture of other members of the fraud ring.
On March 13, another suspect, 33-year-old Oladunjoye Adegoke, was apprehended in Victoria Island. Adegoke, also suspected of being involved in the fraud, was found in possession of a Toyota Camry (Pencil Light), a car believed to be linked to the stolen funds. His arrest added a significant breakthrough to the ongoing investigation.
The police continued to probe deeper into the matter, leading to the arrest of Austin Alfred, a 38-year-old bank employee. Alfred, identified as the Supervisor of the bank’s Trade Services Department, was arrested after the authorities linked him to the fraudulent activity. The final suspect, identified only as Jude, is still under investigation.
The arrest of these four individuals has brought relief to the airline companies involved, though the full extent of the fraud and the motives behind the crime are still unclear. Authorities believe that the involvement of a bank insider, Alfred, may have facilitated the smooth operation of the fraud, raising concerns about the security of sensitive banking information.
Police investigations are ongoing, and the authorities are working closely with the bank to trace the movement of the stolen funds and recover the money. The police have also emphasized the importance of securing financial systems, particularly in institutions handling large sums of money, to prevent similar crimes in the future.
The incident highlights the growing concern over cybersecurity in Nigeria, as fraudsters increasingly target businesses and individuals through sophisticated methods. This case is a reminder for companies to reinforce their internal security protocols, especially when dealing with large international transactions.
The Lagos State Police Command has urged the public to remain vigilant and report any suspicious activity to law enforcement. As the investigation continues, the authorities are determined to bring all those involved in the crime to justice and recover the stolen funds.
This latest case underscores the importance of continuous monitoring and updating of cybersecurity measures in Nigerian banks and businesses, particularly those with international ties. The involvement of a former bank employee in the fraud has raised questions about the adequacy of checks and balances in the banking system, suggesting a need for stricter internal audits and more robust security systems.
For now, the four suspects remain in police custody, and the investigation is expected to uncover more details about the scheme and whether other individuals or entities were involved in facilitating the fraud.
Fraud and cybercrime have been on the rise in Nigeria, with criminals using increasingly sophisticated techniques to defraud individuals, companies, and government institutions. In recent years, several high-profile cases of financial fraud have made headlines, prompting both the government and private institutions to strengthen their efforts in combating cybercrime.
Banks, especially those handling international transactions, have become prime targets for fraudsters. Domiciliary accounts, which allow customers to hold foreign currencies, are particularly vulnerable, as they often involve large sums of money and cross-border transfers.
This case is a stark reminder of the need for banks to invest in more advanced cybersecurity systems and protocols, as well as to ensure that their staff members are properly vetted and trained to prevent insider threats. The involvement of a bank insider in this case highlights the critical importance of ensuring that employees with access to sensitive financial information cannot misuse it for personal gain.
The police have promised to pursue all leads to ensure that the stolen funds are recovered and that the individuals responsible for the fraud are held accountable. As the investigation continues, the focus will be on understanding the full extent of the operation and whether other suspects are involved.
