Police arrest BDC operator for N320m scam, seize fake presidency number plate

The Special Investigations Team of the Force Criminal Investigations Department (FCID) Annex in Lagos has arrested Chinedu Ngwaka, a self-acclaimed Bureau De Change (BDC) operator, for allegedly defrauding a businessman of N320 million.

Ngwaka was also found to be using a fraudulent Presidency number plate on his Toyota Hilux vehicle and possessing a fake identity card issued by the Federal Ministry of Labour and Employment.

The arrest followed a petition filed by Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited, who accused Ngwaka and his wife, Janet Onyekachi Ngwaka, of defrauding him.

This was revealed in a statement issued on Wednesday, shared by the Public Relations Officer of FCID Annex, Lagos State, Mayegun Aminat, on her X handle, #mayegunAmina.

Investigations revealed that Unachukwu paid N320 million to the couple’s companies, Edunaco Multiple Resources Limited and Bright Janes World, for the procurement of US dollars. However, the funds were not used for the intended purpose, and fraudulent documents were presented to the victim.

The statement read: “On September 9, 2024, the Nigeria Police Force received a petition addressed to the Assistant Inspector-General of Police, FCID Annex, Lagos, from Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited, against Chinedu Ernest Ngwaka and his wife, Janet Onyekachi Ngwaka, for their involvement in a fraudulent scheme amounting to N320 million.”

“Upon receipt of the petition, detectives from the Special Investigations Team of the anti-fraud Section at the Force Criminal Investigations Department (FCID) Annex, Lagos, swiftly launched an intelligence-led investigation. The team reviewed relevant banking records and secured a warrant of arrest, leading to the apprehension of Chinedu Ernest Ngwaka, a self-acclaimed Licensed Bureau De Change (BDC) operator.”

“Further investigation revealed that between March and May 2024, Mr. Unachukwu made payments totaling N320 million to Ngwaka and his wife through their company accounts, Edunaco Multiple Resources Limited and Bright Janes World, for the procurement of USD 200,000 to facilitate the supply of goods from China.

“However, additional intelligence uncovered fraudulent documents, including a telex confirmation from Zenith Bank, which purportedly showed the completion of transactions in two USD 100,000 tranches. The Chinese suppliers confirmed that no such funds were received.”

“During the operation, the SIT recovered a black 2024 Toyota Hilux with a fraudulent Presidency number plate (02B679FG) from the suspect, Ngwaka, who falsely claimed to operate under the name ‘Phobia BDC Ltd.’ However, verification with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed that he had no association with the company, and the company’s license had been revoked earlier in the year.”

The police are currently investigating other complaints against Ngwaka, including allegations of defrauding Moses Chizoba Enechukwu and Chinedu Nwaforcha of N1 billion and N840 million, respectively.

The suspect will be charged to court upon the conclusion of the investigation. The police are urging the public to remain vigilant and report any suspected fraudulent activities to the appropriate authorities.