Lagos banker and seven others charged over alleged N710m fraud

The Police Special Fraud Unit in Lagos has charged a banker and seven other people in the Federal High Court in Lagos over an alleged N710 million proof-of-funds scam.

The accused are Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa, and Emmanuel Obinyan Osenonome. They face a total of 12 charges.

The PSFU made this known in a statement signed by its Public Relations Officer, DSP Ovie Kenneth Ewhubare, on Wednesday.

The police said the investigation started after a petition was sent to the Commissioner of Police about the alleged fraudulent withdrawal of N710 million from eight accounts under Post-No-Debit restrictions.

The probe found that Osenonome, a banker and Senior Relationship Officer, allegedly worked with Egharevba Emmanuel to get personal details from others. These details were supposedly used to open accounts thought to be used for laundering money from the fraud.

A forensic analysis by the Corporate and Public Accounts Fraud Section of the PSFU traced large sums of the suspected money to accounts linked to people tied to the main suspect.

Those named include Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, who is Osenonome’s sibling, Egharevba Emmanuel Osagioduwa, and Esther Olohitare Obinyan, who is Osenonome’s wife.

Further investigation showed that forged or disputed proof-of-funds, indemnity, and Post-No-Debit documents were used to carry out the alleged fraud.

The police reported that they also identified assets believed to have been bought with money from the alleged crime.

These assets included a 2020 Lexus RX 350 worth N25 million, two Toyota Camry cars each worth N8 million, and a plot of land in Magodo Phase I, Lagos, purchased for N40 million.

The investigation also revealed that part of the suspected money was used for personal expenses, gambling, investing N40 million in CIBEX trading, and starting a spa and beauty business that reportedly cost about N60 million to set up.

The Commissioner of Police for PSFU, CP Eloho Edwin Okpoziakpo, reaffirmed the unit’s commitment to thorough and professional investigations, especially in complex financial cases and suspected banking abuses.

He stated that the unit will keep tackling financial crimes through proper investigative methods and ensure that the right evidence is collected, documented, and presented in court.