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Police Unearth Bank Fraud Syndicate Involving Over 1,000 Hacked Accounts in Nigeria

A highly organized criminal syndicate involved in hacking into bank customers’ accounts has been exposed. The group, responsible for defrauding more than 1,000 bank customers across the country, was recently dismantled by the Lagos State Police Zone 2 Command.

The law enforcement officials, following a two-month investigation triggered by a complaint from an old-generation bank, apprehended two members of the criminal syndicate. The suspects, identified as Yusuf Ademola, 40, and Adeshina Abiodun, 50, were traced and arrested in their hideout in the Ijebu-Ode area of Ogun State

The suspects, during their interrogation, confessed to their involvement in defrauding customers by hacking into their bank accounts. They also revealed that they were part of a larger, geographically dispersed syndicate specialized in fraudulent electronic money transfers using stolen SIM cards and accessing customer details through bank codes.

The police managed to recover several SIM cards used by the suspects to perpetrate the fraud. The suspects also admitted to having access codes to two unnamed old-generation banks

AIG Mohammed Ali, the Assistant Inspector-General of Police overseeing the zone, stated that the investigation is ongoing and efforts are intensified to arrest other members of the syndicate scattered across the country. He detailed how the suspects used software to access customers’ accounts and move funds after linking a customer’s phone number with a Bank Verification Number (BVN).

Meanwhile, one of the arrested suspects, Ademola, claimed his role was minor in the operation, maintaining that he was merely running errands for the syndicate. He described how he was involved in opening bank accounts with specific phone numbers given by his contacts.

The other suspect, Adeshina, confirmed he altered the phone number linked to his account, which eventually led to his arrest by the police. The investigation continues as authorities strive to bring the remaining syndicate members to justice.

SOURCE: Xclusive Loaded

IMAGE: Online

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