Police Arrest Serial Fraudster Chinedu Ernest Ngwaka for N320 Million Scam
By People’s Voice Nigeria | News
Detectives of the Force Criminal Investigation Department (FCID) Annex Alagbon, Lagos, have apprehended an alleged serial fraudster, Chinedu Ernest Ngwaka, for a fraud amounting to N320,000,000.
According to a press statement e-signed and released to the National Association of Online Security News Publishers (NAOSNP) by the FCID Annex Lagos’ Spokesperson, ASP Mayegun Aminat, “On September 9, 2024, the Nigerian Police Force received a petition addressed to the Assistant Inspector General of Police, FCID Annex, Lagos, from Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr. Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited, against Chinedu Ernest Ngwaka and his wife, Janet Onyekachi Ngwaka, for involvement in a fraudulent scheme amounting to N320,000,000.”
Upon receipt of the petition, detectives from the Special Investigations Team of the Anti-Fraud Section attached to the FCID Annex, Lagos, swiftly launched an intelligence-led investigation. The team reviewed relevant banking records and secured a Warrant of Arrest, which led to the apprehension of Chinedu Ernest Ngwaka, a self-acclaimed Licensed Bureau De Change (BDC) operator.
Further investigation revealed that between March and May 2024, Mr. Unachukwu made payments totaling N320,000,000 to Ngwaka and his wife through their company accounts, Edunaco Multiple Resources Limited and Bright Janes World, for the procurement of $200,000 USD to facilitate the supply of goods from China. However, additional intelligence uncovered fraudulent documents, including a telex confirmation from Zenith Bank, which purportedly showed the completion of the transactions in two $100,000 USD tranches. The Chinese suppliers confirmed that no such funds were received.
During the operation, the Special Investigations Team recovered a black 2024 Toyota Hilux with a fraudulent Presidency number plate (02B679FG) from the suspect, Ngwaka, who falsely claimed to operate under the name *Phobia BDC Ltd. Verification with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed that he had no association with the company in any form and that the company’s license had been revoked earlier in the year. Additionally, a fake Identity Card purportedly issued by the Federal Ministry of Labour and Employment was discovered, fraudulently identifying Ngwaka as a consultant of the Ministry. Another letter of introduction addressed “to whom it may concern,” purportedly issued by the Head of Service of the Federation, seeking allocation of a Presidency Number Plate to the suspect, was also recovered. Relevant authorities have confirmed the illegitimacy of the documents.
The investigation further revealed that the Toyota Hilux was imported into Nigeria in June 2024 by Humble Autos, who sold it to a local dealership, Don-Neiel Automobiles Nigeria, which subsequently sold it to Chinedu Ngwaka after he had engaged in the fraudulent transaction with Mr. Unachukwu. Several other petitions have been received against Chinedu Ernest Ngwaka, including claims from Mr. Moses Chizoba Enechukwu and Chinedu Nwaforcha, seeking the recovery of ₦1 billion and ₦840,000,000 respectively.
Upon the conclusion of the investigation, Ngwaka, along with his co-conspirators, will be charged to court for prosecution.
The Assistant Inspector General of the FCID Annex Lagos urges the public to remain vigilant and report any similar fraudulent activities to the relevant authorities. Citizens are further warned that anyone involved in such illegal activities will face the full consequences of the law.
