LAGOS, Nigeria — Detectives from the Police Special Fraud Unit (PSFU), Ikoyi, have arrested an employee of a digital financial services firm over an alleged N90 million insider fraud.
The suspect, Saheed Samuel Bello, was arrested in Oye-Ekiti, Ekiti State, for allegedly diverting company funds for personal use. Police said the fraud involved sophisticated laundering methods aimed at concealing the origin of the money.
In a statement, PSFU spokesperson Deputy Superintendent of Police Ovie Ewhubare said Bello allegedly funneled the funds through bank accounts belonging to friends and relatives. He added that the arrest followed an extensive investigation that spanned several states in the Southwest.
According to police, Bello fled Lagos with his family after realizing the fraud had been uncovered, cutting off communication in an effort to evade arrest. Investigators later tracked and apprehended him in Ekiti State.
The suspect has since been arraigned before the Federal High Court in Ikoyi on charges of conspiracy and money laundering. Police said investigations are ongoing to identify and arrest other individuals connected to the crime.
Reacting to the case, Commissioner of Police at the PSFU, Kayode Ojapinwa, reaffirmed the unit’s commitment to combating financial crimes. He also urged businesses and individuals to conduct lawful transactions and strengthen internal control systems to prevent insider fraud.
