The Police Special Fraud Unit (PSFU), Lagos, has arraigned eight suspects over an alleged ₦710 million proof-of-funds fraud before the Federal High Court in Lagos.
The suspects were charged on a 12-count charge bordering on fraudulent activities involving funds placed on Post-No-Debit restrictions in eight accounts.
PSFU spokesperson, DSP Ovie Ewhubare, confirmed the development in a statement issued to journalists on Wednesday in Lagos.
He said the investigation began after a petition was submitted to the Commissioner of Police over the alleged illegal disbursement of ₦710 million.
According to him, investigations revealed that a banker, Emmanuel Obinyan Osenonome, allegedly worked with Emmanuel Egharevba to obtain personal details used to open accounts for laundering proceeds of crime.
Ewhubare said forensic analysis traced funds linked to the alleged fraud to accounts connected to persons associated with the principal suspects.
He added that forged proof-of-funds documents, indemnity papers and Post-No-Debit documents were allegedly used to carry out the scheme.
The police recovered a 2020 Lexus RX 350 valued at ₦25 million, two Toyota Camry vehicles worth ₦8 million each, and a plot of land at Magodo Phase I, Lagos, bought for ₦40 million.
Further investigations showed that part of the funds was allegedly spent on personal obligations, gambling, CIBEX trading, and setting up a spa and beauty business.
Commissioner of Police, CP Eloho Edwin Okpoziakpo, assured that the PSFU would continue to conduct professional and evidence-based investigations to tackle complex financial crimes.