Nigerian Police Arrest Serial Fraudster Chinedu Ernest Ngwaka Over ₦320 Million Fraud Scheme




Lagos, Nigeria — The Nigerian Police Force has apprehended Chinedu Ernest Ngwaka, a self-proclaimed Bureau De Change (BDC) operator, for his involvement in a ₦320 million fraud scheme. The arrest, announced by ASP Mayegun Aminat, Police Public Relations Officer of the Force CID Annex, Lagos, was made following a petition filed by Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr. Tochukwu Unachukwu, Managing Director of Casco Electronics Company Limited.

The petition, submitted on September 9, 2024, detailed how Mr. Unachukwu paid a total of ₦320 million to Ngwaka and his wife, Janet Onyekachi Ngwaka, through their companies—Edunaco Multiple Resources Limited and Bright Janes World. The funds were intended to procure $200,000 USD for the importation of goods from China. However, investigations revealed that no such funds were received by the Chinese suppliers, and fraudulent documents, including a falsified telex confirmation from Zenith Bank, were used to mislead Mr. Unachukwu.

Swift Action by Police

Detectives from the Special Investigations Team (SIT) attached to the Anti-Fraud Section of the FCID Annex, Lagos, promptly launched an intelligence-led investigation. They obtained a warrant and arrested Ngwaka, who was operating under the name Phobia BDC Ltd. However, checks with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed that Ngwaka had no affiliation with the company, and its license had been revoked earlier in 2024.

Fraudulent Documents and Assets Seized

During the investigation, police recovered a black 2024 Toyota Hilux with a counterfeit Presidency number plate (02B679FG), allegedly obtained through fraudulent means. Additionally, a fake identity card from the Federal Ministry of Labour and Employment and a falsified letter of introduction from the Head of Service of the Federation were seized. Authorities have confirmed the illegitimacy of these documents.

Additional Complaints Surface

Beyond Mr. Unachukwu’s case, further petitions have been filed against Ngwaka. Mr. Moses Chizoba Enechukwu and Mr. Chinedu Nwaforcha have lodged claims seeking the recovery of ₦1 billion and ₦840 million, respectively. These allegations further underscore the scale of Ngwaka’s fraudulent operations.

Police Warning and Next Steps

The Assistant Inspector General of Police at the FCID Annex, Lagos, has emphasized the importance of public vigilance, urging citizens to report any suspicious activities. "Anyone involved in such fraudulent schemes will face the full consequences of the law," the statement warned.

Ngwaka and his co-conspirators will be charged in court upon the conclusion of the investigation, marking a significant step in combating financial crimes in Nigeria.

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