PSFU N8.58bn fraud asset forfeiture as police secure court order freezing accounts linked to alleged billion-naira financial scam investigation

The Police Special Fraud Unit (PSFU) has obtained a Federal High Court order for the forfeiture of assets and bank accounts linked to an alleged ₦8.58 billion fraud involving a technology company, two corporate entities and three individuals in Nigeria.

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This was confirmed on Monday in Lagos by the unit’s spokesperson, Deputy Superintendent of Police Ovie Ewhubare, who disclosed that the ruling was granted in connection with multiple financial crime allegations.

According to the police, the case involves accusations of conspiracy, obtaining money under false pretences, fraudulent conversion, stealing and money laundering linked to the affected companies and individuals.

The entities named in the investigation include Plaude Technologies Ltd and Omberra Commodities Ltd, alongside individuals identified as Olatomiwa Idowu, Osikoya Joshua and Ibunkunoluwa Adebayo, as well as several bank accounts allegedly tied to the transactions.

Ewhubare explained that the investigation began after a petition was received from a financial institution, which accused the suspects of raising funds through alleged fraudulent investment schemes and misrepresentation.

PSFU N8.58bn fraud asset forfeiture followed what authorities described as an extensive intelligence-led investigation involving multiple financial institutions and regulatory bodies.

Preliminary findings reportedly indicated that Plaude Technologies Ltd lacked the operational capacity to fulfil financial commitments made to investors and business partners.

Investigators further alleged that one Osaretin Jonathan, described as a director of the company, moved funds across multiple accounts in suspected money laundering transactions.

Following these findings, the PSFU approached the court and secured a temporary forfeiture order on the affected assets and accounts pending the conclusion of investigations.

The Commissioner of Police in charge of the PSFU, CP Eloho Okpoziakpo, commended investigators for their professionalism and commitment, describing the operation as a significant step in tackling complex financial crimes.

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He reaffirmed the unit’s resolve to strengthen enforcement against economic offences and protect the integrity of Nigeria’s financial system.