The Special Investigations Team of the Force Criminal Investigations Department Annex in Lagos has arrested one Chinedu Ngwaka over his alleged involvement in a fraudulent scheme worth N320 million.
Ngwaka, who claims to be a Bureau De Change operator, was also accused of using a fake Presidency number plate on his Toyota Hilux and carrying a fraudulent identity card said to be from the Federal Ministry of Labour and Employment.
The arrest was confirmed on Wednesday by Mayegun Aminat, the Public Relations Officer of the FCID Annex, through her X account.
The police disclosed that the arrest followed a petition filed by Chinedu Laz and Partners on behalf of Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited. The petition accused Ngwaka and his wife, Janet, of defrauding Unachukwu of N320 million.
The statement read, “Between March and May 2024, Mr Unachukwu made payments totalling N320 million to Ngwaka and his wife through their company accounts. The funds were meant to procure USD 200,000 for the supply of goods from China. However, investigations showed no such funds were sent, and the Chinese suppliers confirmed that no payments were received.”
The police revealed that fraudulent documents, including a fake telex confirmation, were used to deceive the victim.
A black 2024 Toyota Hilux with a fraudulent Presidency number plate was recovered from Ngwaka during the operation. Further investigations revealed that Ngwaka falsely claimed to operate under “Phobia BDC Ltd.” However, checks with the Corporate Affairs Commission and the Central Bank of Nigeria confirmed the company had no links to him and its license had been revoked earlier this year.
Other complaints have since emerged against Ngwaka. According to Aminat, “Petitions from individuals like Mr Moses Chizoba Enechukwu and Chinedu Nwaforcha have accused Ngwaka of defrauding them of ₦1 billion and ₦840 million, respectively.”
The police assured that Ngwaka and his accomplices would face prosecution upon the completion of investigations.
The Assistant Inspector-General of Police at the FCID Annex urged Nigerians to remain vigilant and report fraudulent activities. He warned that anyone involved in such crimes would face the full force of the law.
