The Special Investigations Team attached to the Force Criminal Investigations Department (FCID) in Lagos State has arrested Chinedu Ngwaka for his alleged involvement in a ₦320 million fraud.
Ngwaka, who identified himself as a Bureau De Change operator, was also found using a fraudulent presidency number plate on his Toyota Hilux vehicle and a fake identity card reportedly issued by the Federal Ministry of Labour and Employment.
The arrest followed a petition submitted to the Assistant Inspector-General of Police at the FCID Annex in Lagos by Chinedu Laz and Partners on behalf of Mr. Tochukwu Unachukwu, Managing Director of Casco Electronics Company Limited. The petition accused Ngwaka and his wife, Janet Onyekachi Ngwaka, of defrauding the company.
Investigations revealed that between March and May 2024, Mr. Unachukwu transferred ₦320 million to Ngwaka and his wife through their company accounts, Edunaco Multiple Resources Limited and Bright Janes World, for the procurement of $200,000 to facilitate the supply of goods from China. However, the funds were never delivered to the Chinese suppliers.
Further findings uncovered fraudulent documents, including falsified telex confirmations from a bank, which claimed the transactions were completed. These claims were contradicted by the suppliers, who confirmed no funds were received.
During the operation, the police recovered a 2024 Toyota Hilux with a fake presidency number plate (02B679FG) and discovered Ngwaka’s false claim of operating under the name “Phobia BDC Ltd.” Verification with the Corporate Affairs Commission and the Central Bank of Nigeria revealed no association with the company, which had its license revoked earlier in the year.
Police officials disclosed additional petitions against Ngwaka, with individuals claiming losses of ₦1 billion and ₦840 million, respectively.
The police confirmed that Ngwaka and his accomplices would be charged in court after the investigation is concluded.
The Assistant Inspector-General of FCID Annex, Lagos, has urged the public to remain vigilant and report fraudulent activities, warning that perpetrators will face the full force of the law.
