Police Uncover Alleged ₦710m Banking Fraud, Trace Lexus SUV, Luxury Cars And Magodo Land

The Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has arraigned a banker, Emmanuel Obinyan Osenonome, and seven other suspects before the Federal High Court in Lagos over an alleged ₦710 million fraud involving eight blocked bank accounts and disputed financial documents.

According to Bush Radio Academy, the suspects were arraigned on a 12-count charge over allegations that ₦710 million was unlawfully released from eight accounts previously restricted from withdrawals and transfers.

The Commissioner of Police in charge of the unit, Eloho Edwin Okpoziakpo, disclosed the development in a statement issued on Wednesday, October 14, explaining that the investigation commenced following a petition concerning the alleged fraudulent release of the funds.

The other defendants are Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther and Egharevba Emmanuel Osagioduwa.

According to the police commissioner, Osenonome, a banker and Senior Relationship Officer, allegedly collaborated with Emmanuel Egharevba to obtain the personal information of other individuals and use their details to open bank accounts.

Investigators suspect that the accounts were subsequently used to facilitate the movement of funds connected to the alleged fraud. The police also claimed that an examination of the transactions revealed substantial transfers to accounts associated with individuals believed to be close to the principal suspect.

Those allegedly connected to the transactions included Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, identified as Osenonome’s sibling, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, described as the banker’s wife.

The police further alleged that falsified or disputed proof-of-funds documents and other banking records were used to facilitate the transactions.

As part of efforts to recover the suspected proceeds of the alleged crime, investigators reportedly traced several assets believed to have been acquired with the funds.

The assets include a 2020 Lexus RX 350 valued at ₦25 million, two Toyota Camry vehicles reportedly worth ₦8 million each, and a plot of land in Magodo Phase I, Lagos, said to have been purchased for ₦40 million.

Okpoziakpo also alleged that some of the money was spent on personal expenses and gambling, while ₦40 million was reportedly invested in CIBEX trading.

He further claimed that approximately ₦60 million was used to establish and furnish a spa and beauty business.

The police commissioner said the Special Fraud Unit would continue investigating the case and other financial crimes involving the suspected abuse of banking procedures.

He stressed that investigators were committed to gathering and properly documenting evidence for presentation before the court as the legal process proceeds.