The Police Special Fraud Unit (PSFU) in Lagos State has detained two suspects, Ikeocha Daniel, 34, and Sylvester Ebeta, 33, for interrogation over an alleged N613 million fraud.PSFU’s Spokesperson, SP Eyitayo Johnson, confirmed their detention in a statement on Saturday.
“The suspects were arrested for alleged offences bordering on conspiracy, fraudulent conversion/diversion, and stealing of N613,980,200 belonging to a leading Nigerian Financial Technology (FinTech) company,” Johnson said.
According to Johnson, the alleged offences occurred between January 19, 2022, and October 12, 2023, due to a system/network glitch that led to some Payment Gateway Web Merchants of the firm receiving multiple credits for refunds initiated to cardholders.
These refunds were then settled into the merchants’ accounts in various banks and subsequently withdrawn or transferred by the merchants.
“Daniel unlawfully benefited and converted N402,980,200, while Ebeta fraudulently converted/diverted N211,000,000,” Johnson stated.
The spokesperson detailed that the duo took advantage of the glitch to make multiple withdrawals totaling the aforementioned sums and distributed the money to themselves, friends, and relatives across different banks.
The suspects allegedly disabled their mobile lines and relocated from their known addresses to evade arrest. However, they were later tracked and arrested by PSFU detectives.
Johnson revealed that the suspects had given confessional statements admitting their roles in the crime. Criminal charges have been filed against them by the unit’s legal section.
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