The Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has arrested a suspected member of a cybercrime syndicate allegedly involved in fraud valued at more than N3 billion. Demographics
The suspect, identified as Adeleke Hafees, was apprehended following an extensive investigation into a sophisticated cyber intrusion targeting a financial institution’s database, reports The Nation.
According to the police, members of the syndicate allegedly deployed Point-of-Sale (POS) terminals and other technological tools to gain unauthorised access to the institution’s database, enabling them to execute fraudulent transactions amounting to billions of naira.
Police investigations further revealed that the proceeds of the alleged fraud were laundered through multiple bank accounts to conceal the source and movement of the funds.
The unit said its detectives employed advanced digital forensic techniques and financial analysis to trace the transactions, identify syndicate members, and recover evidence expected to support the prosecution of those involved.
The Commissioner of Police, Police Special Fraud Unit, CP Eloho Edwin Okpoiakpo, commended the investigators for their professionalism in unravelling the alleged fraud.
He also directed the team to intensify efforts to arrest other syndicate members who remain at large.
