Four Arrested in ₦277.8 Million Bank Fraud Case
The police have arrested four suspects in connection with a large-scale conspiracy and theft involving the fraudulent transfer of £138,924 (equivalent to ₦277,848,000) from bank accounts belonging to international airlines.
The arrested suspects include Shuaib Oluwatobiloba Olaleye (27), Oladunjoye Adegoke (33), Austin Alfred (38), and Jude Uzobuaku (36). The investigation revealed that the funds were stolen from a bank and transferred into a domiciliary account, after which the money was withdrawn, leaving the petitioner—who was also a bank employee—under scrutiny by the financial institution.
Upon receiving the petition, the police launched an investigation and arrested Olaleye on March 12, 2025, in Ogun State. A 2012/2013 Toyota Camry, allegedly purchased with the stolen funds, was recovered from him. During interrogation, he confessed to the crime and implicated other bank staff in the fraudulent scheme.
Further investigation led to the arrest of Adegoke on March 13, 2025, in Victoria Island, Lagos. Another vehicle, a Toyota Camry (Pencil Light), suspected to be a proceed of the crime, was also recovered.
Subsequent inquiries revealed the involvement of two more bank employees, Austin Alfred (Trade Services Supervisor, 38) and Jude Uzobuaku (Trade Services Processor, 36). Both suspects were arrested for facilitating the illegal transfer of funds from the foreign airlines’ domiciliary accounts into foreign accounts provided by the main suspect.
Police sources confirmed that the suspects have made “useful statements” and remain in custody as investigations continue to apprehend other accomplices. Authorities have also extended their inquiries to the bank to track down any additional conspirators involved in the fraud.
The case remains under investigation, with further developments expected as law enforcement deepens its probe into the financial crime.
