Police arraign man over alleged N90m money laundering scheme
Lagos Investment Firm Employee Charged with Fraud in N90 Million Case
The Police Special Fraud Unit (PSFU) in Lagos has brought charges against Bello Saheed Samuel, an employee of an investment company, in connection with an alleged insider fraud scheme involving approximately N90 million. The case was presented in the Federal High Court in Lagos.
Samuel faces charges of conspiracy and money laundering, stemming from investigations into the alleged misappropriation of company funds for personal gain. Authorities assert that the suspect, who worked in the firm’s finance department, exploited his role to gain unauthorized access to financial resources over an extended period.
The alleged fraudulent activity came to light after the investment company detected financial discrepancies and lodged a complaint with the PSFU. Following the complaint, Samuel reportedly fled Lagos with family members and subsequently went into hiding, severing all communications to avoid arrest. This prompted a broader manhunt across several states in the South-West region.
After weeks of intelligence-led inquiries, Samuel was located and apprehended in Oye-Ekiti Local Government Area, Ekiti State. Further investigations indicated that he may have attempted to obscure the origins of the misappropriated funds by transferring money through accounts belonging to friends and relatives, a tactic intended to facilitate money laundering.
During the court proceedings, Samuel pleaded not guilty to the charges. The matter has been adjourned to allow for the continuation of legal actions.
Investigations by the PSFU are ongoing, with authorities working to identify and apprehend additional individuals believed to be connected to the fraud, particularly those whose bank accounts facilitated the movement of the illicit funds.
Commissioner of Police Kayode Ojapinwa, overseeing the PSFU, reaffirmed the unit’s commitment to addressing financial crimes, especially those committed by insiders within corporate organizations. He urged businesses to strengthen internal controls and monitor financial transactions closely to avert similar incidents.
Ojapinwa cautioned that employees who exploit their positions for personal benefit will face thorough investigation and prosecution. The PSFU pledged to protect the integrity of businesses and the broader financial system, ensuring that offenders are brought to justice regardless of their efforts to evade law enforcement.
