Police Detain Man Over Alleged ₦2 Billion Fraud Scheme

Police Detain Man Over Alleged ₦2 Billion Fraud SchemeThe Force Criminal Investigations Department (FCID) Annex has arrested a suspected “serial fraudster,” Chinedu Ernest Ngwaka, who is alleged to have scammed nearly ₦2 billion from several individuals in Lagos.....KINDLY READ THE FULL STORY HERE▶

The arrest followed a statement from the FCID Police Public Relations Officer, ASP Mayegun Aminat, on Wednesday, which detailed the charges against Ngwaka. According to the statement, Ngwaka is accused of defrauding Tochukwu Unachukwu, managing director of Casco Electronics Company Limited, of ₦320 million. The police also received additional petitions, including one from Moses Chizoba Enechukwu, who claims to have been scammed out of ₦1 billion, and another from Chinedu Nwaforcha, who alleges he was defrauded of ₦840 million by Ngwaka.

Further investigation revealed that between March and May 2024, Ngwaka and his wife, Janet Onyekachi Ngwaka, received ₦320 million from Unachukwu through their companies, Edunaco Multiple Resources Limited and Bright Janes World, for the procurement of $200,000 worth of goods from China. However, it was discovered that the transactions, as reflected in banking documents, were fraudulent. Chinese suppliers confirmed they had not received the funds.

In addition to the financial scam, investigators seized a 2024 Toyota Hilux truck with a fraudulent Presidency number plate and a fake identity card purportedly issued by the Ministry of Labour, which falsely identified Ngwaka as a consultant. The police also found a letter of introduction that falsely claimed to have been issued by the Head of Service of the Federation, requesting the allocation of the fraudulent number plate. Further checks with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) revealed that Ngwaka’s supposed Bureau De Change (BDC) operation, *Phobia BDC Ltd., was not registered, and its license had been revoked earlier in the year.

The Toyota Hilux was traced to have been imported in June 2024 and later sold to Ngwaka by a local dealership, Don-Neiel Automobiles Nigeria, after he had conducted the fraudulent transaction with Unachukwu.

Additional petitions have surfaced against Ngwaka, including claims for ₦1 billion and ₦840 million. Following the completion of the investigation, Ngwaka and his accomplices will face charges in court.

The Assistant Inspector General of the Force CID Annex Lagos has urged the public to stay vigilant and report any similar fraudulent activities. He also warned that those involved in illegal activities would face the full consequences of the law.

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