HomeNewsHow fraudsters move customer’s N523m into 225 accounts

How fraudsters move customer’s N523m into 225 accounts

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Juliana Francis

The Police Special Fraud Unit (SFU), Ikoyi, Lagos State, said it had arrested two suspects in connection with the alleged crime of infiltrating a customer’s account domiciled in an old generation bank and transferred into 225 different accounts in various financial institutions.

The SFU Police Public Relations Officer (PPRO), a superintendent of police, Eyitayo Johnson explained that the hackers transferred N523,337,100.00 to 18 different customers’ Accounts and dissipated the same via Unified Payments Interface (UPI), Cash/ATM/POS/Withdrawals and e-transfers.

The image maker further explained that the SFU legal section, headed by a Chief Superintendent of Police, E. A. Jackson, Esq; successfully obtained an order of the Federal High Court sitting in Lagos for the Preservation, Forfeiture and  Attachment of a net sum of N523,337,100.00 fraudulently transferred by internet fraudsters who hacked the customer’s account domiciled in one of the old-generation banks and posted the funds into18 different accounts in the same bank before transmitting same to 225 other accounts in 22 Financial Institutions.

Johnson said: “The coordinated cyber-attack was carried out during the weekend of Saturday 23rd April, 2022, through Sunday 24th April, 2022 to the early hours of Monday 25th April, 2022 before the business opened. In the investigation, the sum of N160,287,071.47 was recovered from different Banks; with two suspects arrested, while operatives are following other leads to apprehend the remaining members of the syndicate. The suspects will be charged to Court as soon as investigations are concluded.”

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