A Nigerian national, Nwachimere Collins Ofoegbu, 55, was arrested in Sandton, South Africa, on February 10, 2025, after being implicated in an extensive global fraud scheme. Ofoegbu faces charges including fraud, theft, and violations of the Prevention of Organised Crime Act following a detailed investigation by the Hawks’ Serious Commercial Crime Unit.
The arrest came after a wealthy businessman reported losing over R20 million (approximately $1 million USD) in an intricate investment scam. Ofoegbu appeared in court on February 11 and will have his case heard for a formal bail application on February 18.
Authorities believe Ofoegbu orchestrated the elaborate fraud targeting high-net-worth individuals across three continents—South Africa, the United Arab Emirates, and the United Kingdom. The scheme involved impersonating banking executives and government officials to lure victims with false promises of lucrative returns through South African financial markets.
During the arrest, police seized two luxury properties in Waterfall Estate and Waterfall Village, which were allegedly bought using proceeds from the fraudulent activities. Investigators have already traced R1.2 million of illicit transactions to Ofoegbu. The investigation also uncovered a complex network of international bank accounts, including those at First National Bank, Bank of China, and various London-based financial institutions.
A second suspect linked to the scheme is still on the run, with authorities continuing their efforts to locate them.
The Hawks have warned the public to be cautious of unsolicited investment opportunities offering exceptionally high returns, as financial scams continue to evolve in sophistication. They emphasize that South Africa will remain vigilant in its fight against organized financial crime.
