Police Arrest Chinedu Ngwaka in Connection to N320 Million Fraud Scheme
Operatives from the Special Investigations Team (SIT) at the Force Criminal Investigations Department (FCID) Annex in Lagos have arrested Chinedu Ngwaka, a self-proclaimed Bureau De Change (BDC) operator, for his alleged involvement in a fraudulent scheme worth N320 million.
Ngwaka was accused of using a fake Presidency number plate on his Toyota Hilux vehicle and a counterfeit Identity Card supposedly issued by the Federal Ministry of Labour and Employment.
The arrest follows a petition filed by Chinedu Laz and Partners on behalf of Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited, who alleged Ngwaka and his wife, Janet Onyekachi Ngwaka, were involved in the fraud.
The fraud, which took place between March and May 2024, saw Unachukwu make payments totaling N320 million to Ngwaka and his wife’s company accounts, Edunaco Multiple Resources Limited and Bright Janes World. These payments were meant to procure USD 200,000 for a goods supply transaction from China. However, upon further investigation, authorities found fraudulent documents, including a false telex confirmation from Zenith Bank, showing the completion of the transaction in two USD 100,000 installments, which the Chinese suppliers confirmed they never received.
The investigation also led to the recovery of a black 2024 Toyota Hilux with a fraudulent Presidency number plate, and it was revealed that Ngwaka had falsely claimed to operate under the name “Phobia BDC Ltd.” However, checks with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed that he had no association with the company, which had its license revoked earlier in the year.
In addition to the N320 million fraud, police have received other petitions against Ngwaka from individuals seeking the recovery of additional funds, including N1 billion from Moses Chizoba Enechukwu and N840 million from Chinedu Nwaforcha. Ngwaka and his accomplices will face prosecution once the investigation concludes. Authorities have urged the public to stay vigilant and report any fraudulent activities, with a warning that those involved in illegal acts will face legal consequences.
