Scam Revealed: Fraudster Behind N320m Scheme Arrested, Fake Presidency Plate Found

 Scam Revealed: Fraudster Behind N320m Scheme Arrested, Fake Presidency Plate Found

Chinedu Ngwaka, a self-proclaimed Bureau De Change operator, has been arrested by the Special Investigations Team (SIT) from the Force Criminal Investigations Department (FCID) Annex in Lagos. Ngwaka is accused of orchestrating a fraudulent scheme worth N320 million……READ MORE 

He was found to be using a fake Presidency number plate on his Toyota Hilux vehicle and a counterfeit identity card allegedly issued by the Federal Ministry of Labour and Employment. The arrest follows a petition by Mr. Tochukwu Unachukwu, Managing Director of Casco Electronics, who claimed that Ngwaka and his wife deceived him into making the large payment for goods that were never delivered.

In a detailed investigation, the police uncovered fraudulent banking documents and a telex confirmation from Zenith Bank, which falsely showed completed transactions for USD 200,000. However, Chinese suppliers confirmed no such payments were received. During the operation, officers also seized a 2024 Toyota Hilux with the fake Presidency plate. Further investigation revealed that Ngwaka was not associated with the Bureau De Change company he claimed to operate, as the company’s license had been revoked earlier in the year. Ngwaka and his accomplices will face prosecution once the investigation concludes.

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