Police nab Lagos Bureau De Change operator over alleged N320m fraud

Detectives from the Special Investigations Team (SIT) of the Anti-Fraud Section, Force Criminal Investigations Department (FCID) Annex, Lagos, have apprehended a licensed Bureau de Change (BDC) operator, Chinedu Ernest Ngwaka, over an alleged N320 million fraud.

The arrest followed a petition dated September 9, 2024, addressed to the Assistant Inspector General of Police (AIG) at the FCID Annex, Lagos. The petition, filed by Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of the Managing Director of Casco Electronics Company Limited, Mr Tochukwu Unachukwu, accused Ngwaka and his wife, Janet Onyekachi, of orchestrating the fraudulent scheme.

According to the FCID spokesperson, ASP Aminat Mayegun, detectives launched an intelligence-led investigation after receiving the petition. “Upon reviewing relevant banking records and securing a warrant of arrest, SIT operatives apprehended Ngwaka, a self-proclaimed licensed BDC operator,” Mayegun said in a statement yesterday.

Investigations revealed that between March and May 2024, Mr Unachukwu transferred N320 million to accounts linked to Ngwaka and his wife’s companies, Edunaco Multiple Resources Limited and Bright Janes World, for the procurement of $200,000 intended to facilitate goods supply from China. However, the Chinese suppliers denied receiving any funds despite fraudulent documents, including a telex confirmation from Zenith Bank, suggesting the transactions were completed.

During the operation, detectives recovered a black 2024 Toyota Hilux with a fraudulent Presidency number plate (02B679FG). Further checks revealed that Ngwaka falsely claimed to operate under the name Phobia BDC Ltd. However, the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed he had no affiliation with the company, whose licence was revoked earlier this year.

Other items recovered included a fake Federal Ministry of Labour and Employment ID card and a fraudulent letter of introduction, allegedly from the Head of Service of the Federation, seeking allocation of a Presidency number plate. Relevant authorities have declared these documents illegitimate.

Mayegun further disclosed that the Toyota Hilux was imported into Nigeria in June 2024 by Humble Autos and later sold to Ngwaka through a local dealership after the alleged fraud.

The police also revealed that multiple petitions have been filed against Ngwaka, including claims by Mr Moses Chizoba Enechukwu and Mr Chinedu Nwaforcha, alleging fraudulent transactions amounting to N1 billion and N840 million, respectively.

“Upon the conclusion of investigations, Ngwaka and his accomplices will be charged to court,” Mayegun stated, urging the public to report similar fraudulent activities to the authorities.

“The AIG, Force CID Annex, Lagos, also warns that anyone involved in such criminal activities will face the full wrath of the law.”