Lagos, Nigeria — Detectives from the Special Investigations Team (SIT) of the Anti-Fraud Section, Force Criminal Investigations Department (FCID) Annex, Lagos, have arrested a licensed Bureau de Change (BDC) operator, Chinedu Ernest Ngwaka, in connection with a N320 million fraud scheme.
The arrest follows a petition filed on September 9, 2024, by Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr. Tochukwu Unachukwu, Managing Director of Casco Electronics Company Limited. The petition accuses Ngwaka and his wife, Janet Onyekachi, of orchestrating a fraudulent transaction involving currency exchange and goods procurement from China.
According to FCID spokesperson ASP Aminat Mayegun, an intelligence-led investigation 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, to secure $200,000 for importing goods from China. Despite receiving fraudulent documents, including a fake telex confirmation from Zenith Bank, Chinese suppliers reported never receiving the funds.
During the arrest, detectives seized a black 2024 Toyota Hilux with a fraudulent Presidency number plate (02B679FG). Further investigations exposed fake documentation, including a fabricated Federal Ministry of Labour ID card and a letter falsely attributed to the Head of Service of the Federation.
Checks with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed that Ngwaka had no ties to Phobia BDC Ltd, a company whose license had been revoked earlier in the year.
ASP Mayegun revealed that multiple complaints have been filed against Ngwaka, with two other individuals, Mr. Moses Chizoba Enechukwu and Mr. Chinedu Nwaforcha, accusing him of defrauding them of N1 billion and N840 million, respectively.
Ngwaka is currently in custody and will face charges upon the conclusion of investigations. “The public is encouraged to report similar fraudulent activities, and anyone found complicit will face the full wrath of the law,” warned the Assistant Inspector General of Police, Force CID Annex, Lagos.