The Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has apprehended a suspected member of a cybercrime syndicate allegedly involved in a fraud exceeding N3 billion.
In a statement issued on Friday in Lagos, the spokesperson for the unit, DSP Ovie Ewhubare, said other members of the syndicate remained at large.
Ewhubare said that the suspect was apprehended following an extensive investigation into a sophisticated cyber intrusion targeting a financial institution.
“The members of the syndicate allegedly used Point of Sale (POS) terminals and other technological tools to gain unauthorised access to the financial institution’s database.
“The breach enabled the suspects to initiate fraudulent transactions worth more than N3 billion,’’ he said.
According to him, investigations reveal that the proceeds of the alleged fraud are quickly laundered through multiple bank accounts to conceal their source and movement.
The spokesperson said that the detectives deployed advanced digital forensic techniques and financial analysis to trace the transactions, identify members of the syndicate and recover key evidence to support prosecution.
Ewhubare said that the Commissioner of Police in charge of the PSFU, Mr Eloho Okpoiakpo, commended the investigating team for its professionalism in uncovering the alleged fraud.