Detectives from the Special Fraud Unit (SFU) of the Nigeria Police Force (NPF) have arrested an alleged fraudster, Salau Abdulmalik Femi over N1.87 billion fraud.

The 35-year-old suspect, according to the police, is the kingpin of a syndicate that specialises in hacking into the servers of banks and corporate agencies to steal.

The police further disclosed that the suspect, who had displayed mastery of the cyber environment, was nabbed after he hacked into the Flex-Cube Universal Banking System (FCUBS) of a first generation bank.

The spokesman for the SFU, Ikoyi, Lagos, DSP Eyitayo Johnson, in a statement, said the suspect, using application software, created imaginary credits totalling N1.87 billion on the accounts of three of the bank’s customers.

Johnson said the suspect successfully completed debits (outflows) amounting to N417.5 million through internet banking transfers to other banks.

He said the unit, while acting promptly on a petition from the bank, communicated with the Central Bank of Nigeria (CBN) and the deposit money banks whose customers were beneficiaries of the fraudulent funds and that in the process was able to salvage a substantial amount.

“Items recovered from the suspect include an Apple laptop and an iPhone, and he and operators of some Bureaux De Change (BDC) used to launder the monies will be charged to court as soon as an investigation is concluded.

“Consequently, the Commissioner of Police in charge of the unit, Anderson A. Bankole, has scheduled a meeting with Chief Compliance Officers/and Heads of Technology/Information Security departments of banks with a view to brainstorm on the loophole exploited by this suspect and how to counter similar hacks for the benefit of both the police and the banking sector of our economy,” Johnson said.

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