Police Arrest Serial Fraudster Over ₦320 Million Scam
The Nigerian Police Force has apprehended a notorious fraudster, Chinedu Ernest Ngwaka, for his involvement in a ₦320 million fraudulent scheme. The arrest followed 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, against Ngwaka and his wife, Janet Onyekachi Ngwaka.
The petition, addressed to the Assistant Inspector General of Police, FCID Annex, Lagos, alleged that Ngwaka, a self-proclaimed Bureau De Change (BDC) operator, defrauded Mr. Unachukwu by failing to deliver $200,000 USD, despite receiving payments totaling ₦320 million between March and May 2024.
Fraudulent Scheme Uncovered
Investigations by the Special Investigations Team (SIT) of the Anti-Fraud Section, attached to the FCID Annex Lagos, revealed that the funds were paid into accounts linked to Ngwaka and his wife’s companies, Edunaco Multiple Resources Limited and Bright Janes World.
Despite issuing fraudulent telex confirmations claiming the transactions were completed, intelligence confirmed that the Chinese suppliers never received the funds. Further checks with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) showed that Ngwaka had no ties to Phobia BDC Ltd., a company he claimed to represent, whose license was revoked earlier this year.
Assets and Fake Credentials Recovered
The SIT team recovered a black 2024 Toyota Hilux from Ngwaka, bearing a fake Presidency number plate (02B679FG). Investigators also discovered forged documents, including a fake Federal Ministry of Labour and Employment ID card and a fraudulent letter allegedly signed by the Head of Service of the Federation, seeking an allocation of a Presidency number plate for Ngwaka.
Further inquiries revealed that Ngwaka purchased the Hilux from Don-Neiel Automobiles Nigeria after the fraudulent transaction with Mr. Unachukwu.
More Allegations Surface
Since Ngwaka’s arrest, additional petitions have been filed against him, including claims by Mr. Moses Chizoba Enechukwu and Chinedu Nwaforcha, demanding the recovery of ₦1 billion and ₦840 million, respectively.
Legal Action Pending
The police confirmed that investigations are ongoing and Ngwaka, alongside his co-conspirators, will be charged to court.
The Assistant Inspector General of Police, Force CID Annex Lagos, has urged the public to remain vigilant and report similar fraudulent activities to the authorities. Citizens are warned that anyone involved in such crimes will face the full wrath of the law.
Signed:
ASP Mayegun Aminat O.
Police Public Relations Officer
For: AIG, FCID Annex Lagos
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