Four individuals have been taken into custody by the Economic and Financial Crimes Commission (EFCC) on suspicion of breaking into bank systems and withdrawing money without authorization following an increase in fraudulent bank cases.
According to the EFCC’s spokesperson, Dele Oyewale, the suspects had illegal access to banks’ databases, which allowed them to withdraw large amounts of money out of depositors’ accounts via a variety of online channels.
The statement reads: “The Economic and Financial Crimes Commission, EFCC, has arrested Chima Anthony Nwigwe, suspected leader of banks’ hacking syndicate alongside three others: Effiong Victor Emmanuel, Mohammed Bello Mahmud, managing director, Downstone Ultimate Limited and Daminan Ali for alleged conspiracy, unauthorized access to banks’ computer systems and fraudulent withdrawal of depositors’ funds.
“They were arrested in a sting operation in Abuja following actionable intelligence about their suspected involvement in hacking, compromising databases of commercial banks, thereby causing fraudulent transfers and withdrawals through different digital platforms.”
The commission included that the suspects would be made to face the law immediately after investigations are concluded.
In a similar issue, 818 bank accounts that are thought to be connected to a cyberattack on Hope Payment Service Bank that cost N10 billion have been frozen for 30 days by an Abuja Federal High Court presided over by Justice James Omotosho
The freezing order approved on October 15, 2024, was in response to an ex parte request submitted by the Inspector General of Police (IGP), Kayode Egbetokun alleging criminal diversion of funds and conspiracy involving Hope Payment Service Bank and various financial institutions.
