The Police Special Fraud Unit (PSFU), Milverton, Ikoyi, Lagos State has arrested one Ikeocha Daniel Kelechi and Sylvester Ebeta for alleged offences bordering on conspiracy, fraudulent conversion, diversion and stealing of N613,980,200.00 belonging to a leading Nigerian Financial Technology (FinTech) company.
It was gathered that after committing the crime, the suspects disabled their mobile lines and relocated from known addresses in their bid to evade justice, but were later tracked and arrested by PSFU detectives
The Unit spokesman, a Superintendent of Police, Eyitayo Johnson said that the alleged offences, which occurred between 19th January 2022 and 12th October 2023, resulted from a system-network glitch that led to some Payment Gateway Web Merchants of the firm getting multiple credits for refunds initiated to cardholders by the merchants.
He further said: “These refunds were then settled to the merchants’ accounts in various banks and subsequently withdrawn-transferred by the merchants.
“Mr Ikeocha Daniel Kelechi unlawfully benefited and converted N402,980,200.00, while Mr Sylvester Ebeta fraudulently converted, and diverted N211,000,000.00.
“The duo took advantage of the glitch to make multiple withdrawals totalling the sums above and distributed the same to themselves, in other banks, friends and relations.
“The duo made confessional statements admitting their roles in the crime. Criminal charges have been filed against the suspects by the Unit’s Legal Section.”
