Bursted! Police detectives nab alleged serial fraudster, Chinedu Ngwaka over N320m fraud

A police document received by our Crime Watch Desk revealed that an alleged serial fraudster, Chinedu Ernest Ngwaka has been arrested for alleged involvement in fraudulent activities, one of which amounting to N320,000,000.00 (Three hundred and twenty million Naira).

According to the document: “On the 9th of September 2024, the Nigerian Police Force received a petition addressed to the Assistant Inspector General of Police, FCID Annex, Lagos, from Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr. Tochukwu Unachukwu, the Managing Director of Casco Electronics Company Limited, against Chinedu Ernest Ngwaka and his wife, Janet Onyekachi Ngwaka, of being involved in a fraudulent scheme amounting to N320,000,000.00.

Upon receipt of the petition, detectives from the Special Investigations Team of the Anti-Fraud Section attached to Force Criminal Investigations Department (FCID) Annex, Lagos, swiftly swung into intelligence led investigation. The team reviewed relevant banking records and secured a Warrant of Arrest, which led to the apprehension of Chinedu Ernest Ngwaka, a self-acclaimed Licensed Bureau De Change (BDC) operator”.

Revealing further, the release adds “Further investigation revealed that between March and May, 2024, Mr. Unachukwu made payments totaling N320,000,000.00 to Ngwaka and his wife through their company accounts, Edunaco Multiple Resources Limited and Bright Janes World for the procurement of $200,000 USD to facilitate the supply of goods from China. However, additional intelligence uncovered fraudulent documents, including a telex confirmation from Zenith Bank, which purportedly shows the completion of the transactions in two $100,000 USD tranches. The Chinese suppliers confirmed that no such funds were received”.

Relieving more on the investigation that led to more discoveries, the police document added “During the operation, the SIT recovered a black 2024 Toyota Hilux with a fraudulent Presidency number plate (02B679FG) from the suspect, Ngwaka, who falsely claimed to operate under the name *Phobia BDC Ltd. but verification with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) confirmed that he had no association with the company in any form, and that the company’s License has been revoked earlier in the year. Additionally, a fake Identity Card, purportedly issued by the Federal Ministry of Labour and Employment, was discovered, fraudulently identifying Ngwaka as a consultant of the Ministry, while another letter of introduction addressed ‘to whom it may concern’, purportedly issued by the Head of Service of the Federation, seeking allocation of Presidency Number Plate to the suspect was also recovered from him. Relevant Authorities have confirmed the illegitimacy of the documents.

The investigation further revealed that the Toyota Hilux, imported into Nigeria in June 2024 by Humble Autos, who sold same to a local dealership, Don-Neiel Automobiles Nigeria who subsequently sold to Chinedu Ngwaka, after he had engaged in the fraudulent transaction with Mr. Unachukwu. Meanwhile, Several other petitions have been received against Chinedu Ernest Ngwaka, including claims from Mr. Moses Chizoba Enechukwu and Chinedu Nwaforcha, seeking the recovery of ₦1 billion and ₦840,000,000 respectively.

Upon the conclusion of the investigation, Ngwaka, along with his co-conspirators, will be charged to court for prosecution.

The Assistant Inspector General of Force CID Annex Lagos urges the public to remain vigilant and report any similar fraudulent activities to the relevant authorities. Citizens are further warned that anyone involved in such illegal activities will face the full consequences of the law”.