Police Special Fraud Unit Arraigns Suspect Over ₦90 Million Insider Fraud in Nigeria

POLICE SPECIAL FRAUD UNIT 
IKOYI-LAGOS

PRESS RELEASE 

POLICE SPECIAL FRAUD UNIT ARRAIGNS SUSPECT OVER ₦90 MILLION INSIDER FRAUD

The Police Special Fraud Unit (PSFU), Lagos, under the leadership of CP Kayode Ojapinwa, has arraigned one Bello Saheed Samuel ‘M’ before the Federal High Court of Nigeria Holden at Lagos for offences bordering on Conspiracy and Money Laundering in connection with a series of insider fraud of about Ninety Million Naira (₦90,000,000). The suspect, an employee of an investment company and working in the finance department of same company, was alleged to have fraudulently converted the company’s funds for personal use.

Following a formal complaint by the affected company, operatives of the Unit immediately commenced investigation into the matter. Upon realizing that his fraudulent activities had been uncovered, the suspect absconded from Lagos with members of his family to an unknown destination and cut off all means of communication in an attempt to evade justice. The investigation extended to several states in the South-Western part of the country and the suspect was eventually arrested at Oye-Ekiti Local Government Area of Ekiti State.

ADVERTISEMENT:

Further investigation revealed that the suspect habitually laundered the proceeds of  fraud through the bank accounts of friends and relatives in order to conceal the source of the funds. However, while the suspect is facing trial, investigation is still ongoing to arrest all other suspects involved in the crime. 

The Commissioner of Police, Police Special Fraud Unit Lagos, CP Kayode Ojapinwa, while reiterating the Unit’s resolve to tackle financial crimes, he advised well-meaning Nigerians and corporate organizations to always engage in lawful transactions and strengthen internal control mechanisms, particularly in monitoring employees, to prevent insider abuses.

E-SIGNED
DSP OVIE KENNETH EWHUBARE, anipr,ACArb.
POLICE PUBLIC RELATIONS OFFICER
FOR: COMMISSIONER OF POLICE 
POLICE SPECIAL FRAUD UNIT
IKOYI LAGOS.
3RD FEBRUARY, 2026.