Home > My Area > Police arrests bank fraud syndicate

Police arrests bank fraud syndicate

The operatives of Rapid Response Squad of the Lagos State Police Command have arrested Ajisafe Olugbenga, the suspected ring-leader and brain behind several bank frauds in Lagos State.

The suspect was apprehended alongside his group; Michael Adeoye, Ayo Olalekan, Israel Ochenehi, Adegbenro Opeyemi, Obong Udeme-Obot and  Peter Ezurike after different bank frauds in Lagos were traced to the gang.

Ajisafe, an ex-banker, is popularly known as Harrison among his gang. He was arrested last Tuesday by the RRS after he was mentioned as the initiator of sim swap deals at a network provider’s outlet in Surulere, Lagos, and Abeokuta, Ogun State.

Prior to his arrest, the suspect has been on the run over his involvement in a N2 million fraud in one of the old generation banks in Lagos State sometime in April, 2016. He was alleged to have a vast network with insiders in the banks.

According to the RRS, the suspect usually exploits his vast network with insiders in the banks to procure bank details of high net worth customers. It is this information such as account balance, account number and phone number of the owner and e-mail that the gang work on to perpetrate the fraud.

The RRS said that the gang operates by blocking or swapping the sim of the bank customer so that he or she do not receive the transaction on the account which were mostly perpetrated on a weekend when the money were withdrawn in tranches. Before this, the bank insider, who has his or her cut on every transaction, would have helped the gang to increase the customer’s withdrawal limit.

The fraudster was caught with different print outs of customers details during his arrest. It was further revealed that the balances on all the print outs was over N800 million.

Confirming the incident, the Police PPRO, ASP Olarinde Famous Cole, said that there would be no hiding place for criminals in Lagos State adding that officers of the command are at alert to nip crime in the bud.

The suspects have been transferred to the SCID, Panti for further investigations.



Idris Aina
Idris is a media and communications professional with keen attention to details. An entertainment enthusiast, he is an ardent fan of the team from the Red Side of Manchester with love for football banters. He tweets with the handle @arlomah.