The Nigeria Police Force Criminal Investigation Department (FCID) Annex in Lagos has apprehended Chinedu Ernest Ngwaka, a self-proclaimed Bureau de Change operator, on allegations of defrauding a businessman of ₦320 million. Ngwaka and his wife, Janet Onyekachi Ngwaka, are accused of orchestrating fraudulent currency exchange schemes and are further implicated in scams amounting to over ₦1.8 billion in other transactions.

The arrest followed a September 9 petition from Tochukwu Unachukwu, Managing Director of Casco Electronics Company Limited, submitted through Chinedu Laz and Partners (Deo Gratia Chambers). Unachukwu alleged that he transferred ₦320 million to accounts linked to Ngwaka’s companies, Edunaco Multiple Resources Limited and Bright Janes World, for the purchase of $200,000 to facilitate the import of goods from China. However, investigations uncovered that the funds never reached the suppliers, and Ngwaka had provided fake telex confirmations purportedly issued by Zenith Bank.

Detectives from the Anti-Fraud Section of the FCID acted promptly, obtaining a warrant to arrest Ngwaka. A black 2024 Toyota Hilux, displaying a fraudulent Presidency number plate, was seized during the operation. Further investigations revealed counterfeit documents, including a fake Federal Ministry of Labour and Employment ID card and a letter falsely attributed to the Head of Service of the Federation requesting a Presidency number plate.

Additionally, Ngwaka’s claims of affiliation with Phobia BDC Ltd. were debunked, as the company’s license had been revoked earlier this year. It was discovered that Ngwaka had used part of the defrauded funds to acquire the Toyota Hilux. Other victims have since come forward, including Moses Chizoba Enechukwu, alleging a ₦1 billion loss, and Chinedu Nwaforcha, who reported being defrauded of ₦840 million.

Police spokesperson Mayegun Aminat confirmed that Ngwaka and his accomplices would face prosecution once investigations are completed. She urged the public to stay vigilant and report fraudulent activities, warning that anyone involved in such crimes would face legal consequences.