Operatives of the Special Investigations Team attached to the Force Criminal Investigations Department Annex in Lagos State have arrested one Chinedu Ngwaka for his alleged involvement in a fraudulent scheme worth N320 million.
Ngwaka, a self-acclaimed Bureau De Change operator, was also accused of using a fraudulent Presidency number plate on his Toyota Hilux vehicle, and a fake Identity Card, purportedly issued by the Federal Ministry of Labour and Employment.

This was disclosed in a statment on Wednesday, by the Public Relations Officer, FCID Annex, Lagos State, Mayegun Aminat.

She said: “On September 9, 2024, the Nigeria 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, of being involved in a fraudulent scheme amounting to N320m.

“Upon receipt of the petition, detectives from the Special Investigations Team of the anti-fraud Section attached to Force Criminal Investigations Department (FCID) Annex, Lagos, swiftly swung into the 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 N320m to Ngwaka and his wife through their company’s accounts, Edunaco Multiple Resources Limited and Bright Janes World for the procurement of USD 200,000 to facilitate the supply of goods from.