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 in Lagos.
“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. The alleged offences, which occurred between Jan. 19, 2022, and Oct. 12, 2023, were due to a system/network glitch that led to some Payment Gateway Web Merchants of the firm getting multiple credits for refunds initiated to cardholders. These refunds were then settled to the merchants’ accounts in various banks and subsequently withdrawn/transferred by the merchants,” Johnson said.
According to Johnson, “Daniel unlawfully benefited and converted N402,980,200, while Ebeta fraudulently converted/diverted N211,000,000.”
He explained that the suspects took advantage of the glitch to make multiple withdrawals totaling the aforesaid sums and distributed the money to themselves, other banks, friends, and relations. They allegedly disabled their mobile lines and relocated from their known addresses to evade arrest but were later tracked and apprehended by PSFU detectives.
The suspects have given confessional statements admitting their roles in the crime. Johnson added that criminal charges have been filed against the suspects by the unit’s legal section.
