The Nigeria Police Force has dismantled a sophisticated financial fraud network that siphoned off more than ₦713.9 million from customers’ bank accounts.

The breakthrough came after a Nigerian financial institution alerted the Police Special Fraud Unit to a pattern of unauthorized withdrawals traced to a compromised third-party platform. 

Using advanced digital forensic tools, PSFU operatives uncovered that 15 customer accounts had been breached. The stolen funds were rapidly transferred through a web of accounts in what investigators described as a coordinated money laundering scheme.

Two men, Oguntoyinbo Olawale and Kazeem Omokayode, have been arrested in connection with the case. Police say the pair worked with a Chinese national identified only as Linda, who is still on the run. According to the investigation, the group used stolen personal details including BVN, NIN, and other identity credentials to open multiple accounts across different banks. Those accounts were then used to receive and conceal the illicit funds.

The two suspects in custody are expected to be charged in court soon, while detectives are pursuing other members of the syndicate.

Inspector-General of Police Olatunji Rilwan Disu praised the PSFU team for the operation and restated the Force’s resolve to clamp down on financial and cybercrime in the country.