The police Special Investigations Team attached to the Force Criminal Investigations Department Annex in Lagos State has arrested Chinedu Ngwaka for his involvement in a N320 million fraud scam.
Ngwaka, a self-proclaimed Bureau De Change operator, was also accused of using a phoney Presidency number plate on his Toyota Hilux and a forged identity card provided by the Federal Ministry of Labour and Employment.
This was stated in a statement issued on Wednesday by Mayegun Aminat, Public Relations Officer, FCID Annex, Lagos State, using her X handle, #mayegunAmina.
The statement partly read, “On September 9, 2024, the Nigeria Police Force received a petition addressed to the Assistant Inspector-General of Police, FCID Annex, Lagos, from Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr. Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited, against Chinedu Ernest Ngwaka and his wife, Janet Onyekachi Ngwaka, of being involved in a fraudulent scheme amounting to N320m.
“Upon receipt of the petition, detectives from the Special Investigations Team of the anti-fraud Section attached to the Force Criminal Investigations Department (FCID) Annex, Lagos, swiftly swung into the intelligence-led investigation.
“The team reviewed relevant banking records and secured a warrant of arrest, which led to the apprehension of Chinedu Ernest Ngwaka, a self-acclaimed Licensed Bureau De Change (BDC) operator.
“Further investigation revealed that between March and May 2024, Mr. Unachukwu made payments totalling N320 million to Ngwaka and his wife through their company accounts, Edunaco Multiple Resources Limited and Bright Janes World, for the procurement of USD 200,000 to facilitate the supply of goods from China.
“However, additional intelligence uncovered fraudulent documents, including a telex confirmation from Zenith Bank, which purportedly shows the completion of the transactions in two USD 100,000 tranches. The Chinese suppliers confirmed that no such funds were received.
“During the operation, the SIT recovered a black 2024 Toyota Hilux with a fraudulent Presidency number plate (02B679FG) from the suspect, Ngwaka, who falsely claimed to operate under the name ‘Phobia BDC Ltd.’ but verification with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed that he had no association with the company in any form and that the company’s license had been revoked earlier in the year.”
Aminat mentioned that the police operatives also received other petitions against Ngwaka, “including claims from Mr Moses Chizoba Enechukwu and Chinedu Nwaforcha, seeking the recovery of ₦1 billion and ₦840m, respectively.
“Upon the conclusion of the investigation, Ngwaka, along with his co-conspirators, will be charged to court for prosecution.
“The Assistant Inspector-General of Force CID Annex Lagos urges the public to remain vigilant and report any similar fraudulent activities to the relevant authorities. Citizens are further warned that anyone involved in such illegal activities will face the full consequences of the law.”
