Suspect Allegedly Linked to Presidency Nabbed in ₦320 Million Fraud Scandal

Segun Atanda/

The police have apprehended a self-proclaimed Bureau de Change operator, Chinedu Ernest Ngwaka, in connection with an alleged fraud scheme involving a staggering ₦320 million.

Adding to the sensational case, Ngwaka was found with a fraudulent presidential number plate and fake documents purporting links to top government offices.

According to a statement shared on X by ASP Aminat Mayegun, the Police Public Relations Officer of the Force Criminal Investigation Department (FCID) Annex in Lagos, the arrest followed a petition filed on September 9, 2024.

The petition, submitted by Chinedu Laz and Partners on behalf of Tochukwu Unachukwu, Managing Director of Casco Electronics Company Limited, accused Ngwaka and his wife, Janet, of duping the company.

Unachukwu reportedly paid a total of ₦320 million to the couple between March and May 2024 through their company accounts for the procurement of $200,000 meant to facilitate the importation of goods from China.

However, investigations revealed that no funds were delivered to the Chinese suppliers. Instead, Ngwaka allegedly presented fraudulent documents, including fake telex confirmations from Zenith Bank.

During the operation, police recovered a black 2024 Toyota Hilux bearing a fake presidential number plate (02B679FG) from Ngwaka. Additionally, fraudulent documents, including a fake Federal Ministry of Labour ID card identifying him as a consultant and a forged letter purportedly from the Head of Service seeking allocation of a presidential number plate, were seized.

Further investigations revealed that Ngwaka’s claimed business, Phobia BDC Ltd., was non-existent, and his alleged association with legitimate financial institutions was fabricated.

Adding to the gravity of the case, several other petitions have emerged against Ngwaka. Two individuals, Moses Chizoba Enechukwu and Chinedu Nwaforcha, have accused him of fraudulent activities totaling ₦1 billion and ₦840 million, respectively.

The FCID assured the public that Ngwaka and his co-conspirators would face prosecution after the investigation concludes.

Authorities urged citizens to remain vigilant and report similar fraudulent activities.

Editor