Operatives of the Special Investigations Team (SIT) of the Force Criminal Investigations Department (FCID) Annex in Lagos State have apprehended Chinedu Ngwaka, a self-acclaimed Bureau De Change operator, for alleged involvement in a ₦320 million fraud scheme.
Ngwaka, who falsely claimed ties to the Presidency, was found in possession of a fraudulent Presidential number plate on his Toyota Hilux vehicle and a counterfeit identity card supposedly issued by the Federal Ministry of Labour and Employment.
The arrest followed a petition filed on September 9, 2024, by Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr. Tochukwu Unachukwu, Managing Director of Casco Electronics Company Limited. Unachukwu accused Ngwaka and his wife, Janet Onyekachi Ngwaka, of defrauding him of ₦320 million under the guise of facilitating the procurement of $200,000 to support business transactions in China.
Fraudulent Transactions Unveiled
Investigations revealed that funds were transferred to the couple’s business accounts—Edunaco Multiple Resources Limited and Bright Janes World—between March and May 2024. However, fraudulent documents, including a fake telex confirmation purportedly from Zenith Bank, falsely indicated the transactions were completed. Chinese suppliers confirmed they received no funds.
During the operation, detectives recovered Ngwaka’s 2024 Toyota Hilux with the fraudulent number plate “02B679FG” and confirmed that Ngwaka falsely operated under the name “Phobia BDC Ltd.” A check with the Corporate Affairs Commission (CAC) and Central Bank of Nigeria (CBN) revealed no legitimate association with the company, which had its license revoked earlier this year.
Additional Claims Against Ngwaka
Further investigations unearthed additional petitions from victims, including Mr. Moses Chizoba Enechukwu and Chinedu Nwaforcha, alleging losses of ₦1 billion and ₦840 million, respectively, due to fraudulent dealings by Ngwaka.
Next Steps
The police confirmed that upon completing their investigation, Ngwaka and his co-conspirators would face prosecution.
The Assistant Inspector-General of Police at the FCID Annex in Lagos urged the public to remain vigilant and report fraudulent activities, warning that perpetrators would face the full weight of the law.
This case underscores the critical importance of due diligence in financial transactions and vigilance against fraudulent schemes.