A Federal High Court has granted a forfeiture order in an alleged N8.585 billion fraud case being investigated by the Police Special Fraud Unit (PSFU), Ikoyi, Lagos, involving two companies and three individuals accused of conspiracy, fraudulent conversion, obtaining money by false pretence, stealing and money laundering.
The order covers Plaude Technologies Limited, Omberra Commodities Limited, Olatomiwa Adebayo Idowu, Osikoya Oladayo Joshua and Ibunkun Oluwa Boluwatife Adebayo, along with several bank accounts allegedly connected to the suspected fraud.
Confirming the development in a statement issued on Monday, the Police Public Relations Officer of the unit, DSP Ovie Kenneth Ewhubare, said the investigation followed a petition by a financial institution which alleged that the suspects obtained the funds through fraudulent representations and schemes.
He stated that detectives adopted intelligence-driven methods during the investigation, extending their inquiries to different financial institutions and Nigeria’s apex financial regulatory body.
According to the police, investigations revealed that Plaude Technologies Limited allegedly lacked the financial and operational capacity to meet obligations and representations reportedly made to investors and business partners.
Police further alleged that a director of the company, identified as Osaretin Jonathan, moved funds through multiple bank accounts in an alleged money laundering operation.
Following the findings, the PSFU approached the Federal High Court and secured a forfeiture order on the affected accounts and assets pending the conclusion of investigations.
The Commissioner of Police in charge of the PSFU, CP Eloho Edwin Okpoziakpo, commended the detectives for their professionalism and persistence, while reaffirming the unit’s commitment to fighting financial crimes and protecting the integrity of Nigeria’s financial system.