The Police Special Fraud Unit (PSFU), Lagos, has arraigned a suspect, Bello Saheed Samuel, before the Federal High Court sitting in Lagos over alleged offences of conspiracy and money laundering linked to an insider fraud estimated at ₦90 million.
The arraignment followed investigations by operatives of the PSFU under the leadership of the Commissioner of Police, CP Kayode Ojapinwa.
According to police authorities, Samuel, an employee of an investment company working within its finance department, allegedly fraudulently converted company funds for personal use through a series of unauthorized transactions.
The case came to light after the affected company filed a formal complaint with the Unit. Investigations commenced immediately, but upon sensing that his actions had been uncovered, the suspect reportedly absconded from Lagos with his family, cut off communication lines, and went into hiding in an attempt to evade arrest.
Police investigations were extended across several South-West states, leading to the suspect’s eventual arrest in Oye-Ekiti Local Government Area of Ekiti State.
Further findings revealed that the suspect allegedly laundered proceeds of the fraud through bank accounts belonging to friends and relatives in a bid to conceal the origin of the funds.
While Samuel has now been arraigned and is facing trial, the Police Special Fraud Unit disclosed that investigations are ongoing to apprehend other individuals connected to the crime.
Reiterating the Unit’s commitment to combating financial crimes, CP Kayode Ojapinwa urged corporate organizations and members of the public to strengthen internal control systems, particularly in employee monitoring, to curb insider-related financial abuses.