Police Nab Suspects Behind N400m Moniepoint Scam, $597,000 Fraud
The Nigeria Police Force has arrested two suspects in connection with the creation and distribution of compromised financial accounts to facilitate N400m fraudulent transactions.
The suspects: Saidu Adam Usman and Yusuf Umar, both male, allegedly created Moniepoint accounts using pre-registered SIM cards and email addresses.
A statement by police spokesperson, Muyiwa Adejobi, on Thursday, revealed that the suspects fraudulently obtained Bank Verification Numbers (BVNs) and KYC details from individuals to carry out the fraud.
“Upon completion of the KYC process, the suspects would change the passwords to secure them for their unknown foreign contractor,” the police said.
According to the police, the suspects are part of the 82 others apprehended in January 2025 for various financial and cyber-related crimes.
Similarly, another suspect Rabiu Salisu, also known as Rabo, was arrested for identity theft, computer-related fraud, and money laundering.
The suspect had fraudulently assumed the identity of an American citizen, presenting himself as Matthew Ramsey, and defrauded one Deborah Woods, an American national, of $597,000.
“These operations highlight the commitment of the Nigeria Police Force, under the leadership of IGP Kayode Adeolu Egbetokun, to the Action Plan and the zeal of redeeming the reputation of our country, and taking the country out of the FATF Grey List,” the police said.
Maintained by the Financial Action Task Force (FATF), the FATF Grey had Nigeria on its list in February 2023, alongside South Africa, due to strategic deficiencies in its anti-money laundering and counter-terrorist financing frameworks.
Being on the list may attract increased scrutiny from financial institutions and regulatory bodies, restrictions on international financial transactions, and damage the country’s reputation and investor confidence.
Consequently, the Nigeria Police Force cautioned against the inappropriate use of social media for the perpetration of crimes such as fraud, defamation and cyberstalking.
“The Force remains committed to identifying and curtailing cybercriminals and syndicates, ensuring that those involved in cyber-related crimes face the full weight of the law.
“Members of the public are advised to exercise extreme caution when engaging in online transactions and ensure adequate verification of the legitimacy of operators before conducting large financial dealings,” the police said.
Police Nab Suspects Behind N400m Moniepoint Scam, $597,000 Fraud is first published on The Whistler Newspaper
