Officials from the Special Investigations Team (SIT) under the Force Criminal Investigations Department (FCID) Annex in Lagos State have apprehended a man identified as Chinedu Ngwaka for allegedly orchestrating a fraudulent scheme involving ₦320 million.
Ngwaka, who claims to be a Bureau De Change (BDC) operator, was also found in possession of a vehicle bearing a fake Presidency license plate and a counterfeit identity card, supposedly issued by the Federal Ministry of Labour and Employment.
The arrest was announced on Wednesday by Mayegun Aminat, Public Relations Officer for the FCID Annex in Lagos, through her official account on X (formerly Twitter).
According to a statement, the case began with a petition dated September 9, 2024, sent to the Assistant Inspector-General of Police, FCID Annex, Lagos, by Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Tochukwu Unachukwu, Managing Director of Casco Electronics Company Limited.
The petition accused Ngwaka and his wife, Janet Onyekachi Ngwaka, of defrauding the company of ₦320 million.
Investigators acted promptly, analyzing financial records and obtaining an arrest warrant. Ngwaka was subsequently detained.
Evidence revealed that between March and May 2024, Unachukwu transferred ₦320 million to the couple’s business accounts—Edunaco Multiple Resources Limited and Bright Janes World—to purchase $200,000 for facilitating goods procurement from China.
However, fraudulent documents, including a fabricated telex confirmation from Zenith Bank, were uncovered, showing that the funds were never received by the Chinese suppliers.
During the operation, police recovered a black 2024 Toyota Hilux with a falsified Presidency license plate (02B679FG).
Investigations showed that Ngwaka falsely operated under the name “Phobia BDC Ltd.,” but checks with the Corporate Affairs Commission (CAC) and Central Bank of Nigeria (CBN) revealed no connection to the company, which had its license revoked earlier in the year.
Aminat further disclosed that additional petitions had been filed against Ngwaka. Among them were claims by Moses Chizoba Enechukwu and Chinedu Nwaforcha, who are seeking to recover ₦1 billion and ₦840 million, respectively.
The statement concluded that Ngwaka and his accomplices would face prosecution after the investigation was finalized.
The Assistant Inspector-General of Police for the FCID Annex urged the public to report fraudulent activities and warned that individuals engaging in such crimes would be held accountable under the law.
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