Chinedu Ngwaka Arrested in N320 Million Fraud Scheme in Lagos
Operatives from the Special Investigations Team (SIT) of the Force Criminal Investigations Department (FCID) Annex in Lagos have arrested Chinedu Ernest Ngwaka for his involvement in a fraudulent scheme worth N320 million.
Ngwaka, who falsely claimed to operate as a Bureau De Change (BDC) operator, was found using a fraudulent Presidency number plate on his Toyota Hilux and a fake identity card issued by the Federal Ministry of Labour and Employment. The details of his arrest were shared in a statement from Mayegun Aminat, the Public Relations Officer of the FCID Annex in Lagos.
The investigation stemmed from a petition filed by Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited, who accused Ngwaka and his wife, Janet Onyekachi Ngwaka, of defrauding him to the tune of N320 million. The petition was submitted to the Assistant Inspector-General of Police at the FCID Annex, Lagos, on September 9, 2024.
Following the petition, detectives launched an intelligence-led investigation, reviewing banking records and obtaining an arrest warrant. This led to Ngwaka’s apprehension. The investigation revealed that between March and May 2024, Mr. Unachukwu made payments of N320 million to Ngwaka and his wife through their company accounts, Edunaco Multiple Resources Limited and Bright Janes World. The payments were allegedly made for the procurement of USD 200,000 to facilitate the supply of goods from China.
However, further investigation uncovered fraudulent documents, including a telex confirmation from Zenith Bank that falsely confirmed the completion of the transactions in two USD 100,000 tranches. Chinese suppliers, however, confirmed that no such payments were received.
During the operation, the SIT also recovered a 2024 Toyota Hilux from Ngwaka, which had a fraudulent Presidency number plate (02B679FG). Ngwaka falsely claimed to operate under the name “Phobia BDC Ltd.” However, verification with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed that he had no association with the company, and the company’s license had been revoked earlier in the year.
The police also received additional petitions against Ngwaka, including claims from Moses Chizoba Enechukwu and Chinedu Nwaforcha, seeking the recovery of ₦1 billion and ₦840 million, respectively.
Once the investigation concludes, Ngwaka and his co-conspirators will be charged and prosecuted in court. The Assistant Inspector-General of Force CID Annex Lagos has urged the public to remain vigilant and report any similar fraudulent activities to the authorities. Citizens involved in such activities will face severe legal consequences.
