PSFU Arraigns Eight Over Alleged ₦710m Proof-of-Funds Fraud, Recovers Luxury Cars, Magodo Land

The Police Special Fraud Unit (PSFU), Lagos, has arraigned eight suspects before the Federal High Court, Lagos Judicial Division, over an alleged ₦710 million proof-of-funds fraud scheme involving funds placed under Post-No-Debit (PND) restrictions in eight designated bank accounts.

The suspects — Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome — were arraigned on a 12-count charge.

According to the PSFU, the investigation began after a petition was submitted to the Commissioner of Police concerning the alleged fraudulent disbursement of ₦710 million associated with the eight accounts.

Investigators alleged that Emmanuel Obinyan Osenonome, a banker and Senior Relationship Officer, conspired with Emmanuel Egharevba to obtain the cooperation and personal identification details of other individuals, which were allegedly used to facilitate the opening of accounts through which the suspected proceeds of the crime were laundered.

A forensic examination conducted by the Corporate and Public Accounts Fraud Section of the PSFU reportedly traced significant movements of the suspected proceeds to accounts linked to individuals connected with the principal suspect.

Those identified in the investigation included Nweke Nnamdi Emmanuel; Obinyan Ebehiemen Doris, a sibling of Emmanuel Obinyan; Egharevba Emmanuel Osagioduwa; and Esther Olohitare Obinyan, identified as the wife of Emmanuel Obinyan.

Further investigations allegedly uncovered the use of forged and disputed proof-of-funds documents, indemnities and Post-No-Debit documents in executing the scheme.

Lexus, Toyota Camrys, Magodo Land Identified

As part of its asset-tracing and recovery efforts, the PSFU said it identified several properties and assets allegedly acquired with proceeds linked to the suspected fraud.

They include a 2020 Lexus RX 350 valued at ₦25 million, two Toyota Camry vehicles valued at ₦8 million each, and a plot of land in Magodo Phase I, Lagos, reportedly purchased for ₦40 million.

The investigation also allegedly revealed that some of the funds were spent on personal financial obligations, gambling activities, CIBEX trading and the establishment and operation of a spa and beauty business.

According to the police, approximately ₦40 million was channelled into CIBEX trading, while about ₦60 million was used to establish and furnish the spa and beauty business.

The PSFU said the findings demonstrated its capacity to trace assets suspected to have been acquired through financial crimes.

Police Promise Evidence-Based Prosecution

The Commissioner of Police, PSFU, CP Eloho Edwin Okpoziakpo, reaffirmed the unit’s commitment to conducting thorough, professional and evidence-based investigations, particularly in cases involving complex financial transactions and the suspected abuse of banking processes.

He stressed that the unit would continue to investigate financial crimes through lawful procedures, ensuring that relevant evidence is properly obtained, documented and presented before a court of competent jurisdiction.

The arraignment marks a legal step in the case, with the allegations against the eight defendants to be determined by the court.

The suspects remain accused persons, and the allegations have not been established as proven facts by a court.