The Force Criminal Investigation Department (FCID) says its operatives have arrested Chinedu Ngwaka, a self-proclaimed bureau de change (BDC) operator, for alleged fraud to the tune of N320 million.
In a statement posted on her X page, Aminat Mayegun, FCID spokesperson in Lagos, said Ngwaka also used a fraudulent presidency number plate on his Toyota Hilux vehicle.
The FCID spokesperson said the suspect was also apprehended with a fake identity card.
Mayegun said the police received a petition on September 9 addressed to Ayodeji Ogundele, assistant inspector general of Police (AIG), FCID annex in Lagos.
“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,” the statement reads.
“The petition filed was 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 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.”
The spokesperson said further investigation revealed that between March and May 2024, Unachukwu made payments totalling N320 million to Ngwaka and his wife.
“Unachukwu made payment of N320 million through Ngwaka company accounts, Edunaco Multiple Resources Limited and Bright Janes World, for the procurement of $200,000 USD to facilitate the supply of goods from China,” Mayegun said.
“However, additional intelligence uncovered fraudulent document, including a telex confirmation from Zenith Bank, which purportedly shows the completion of the transactions in two $100,000 USD 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 Ngwaka, who falsely claimed to operate under the name Phobia BDC Ltd.
“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 has been revoked earlier in the year.
“Additionally, a fake identity card, purportedly issued by the Federal Ministry of Labour and Employment, was discovered, fraudulently identifying Ngwaka as a consultant of the ministry.
“Another letter of introduction addressed ‘to whom it may concern’, purportedly issued by the Head of Service of the Federation, seeking allocation of presidency number plate to the suspect was also recovered from him.
“Relevant authorities have confirmed the illegitimacy of the document.
“The investigation further revealed that the Toyota Hilux, imported into Nigeria in June by Humble Autos, who sold same to a local dealership, Don-Neiel Automobiles Nigeria who subsequently sold to Ngwaka, after he had engaged in the fraudulent transaction with Unachukwu.”
Mayegun added that there were “other petitions against Chinedu Ernest Ngwaka, including claims from Mr. Moses Chizoba Enechukwu and Chinedu Nwaforcha, seeking the recovery of ₦1 billion and ₦840,000,000 respectively”.
The FCID spokesperson said Ngwaka, alongside his co-conspirators, will be charged to court at the end of the investigation.
