The Inspector General of Police (IGP), Kayode Egbetokun, has announced the recovery of properties valued at N6 billion from suspects linked to a massive fraud and money laundering scheme involving over 2,000 bank accounts across Nigeria.
The ongoing investigation centers on an alleged N21.4 billion fraud, with 2,039 bank accounts frozen following a March 4 court order. These accounts, spread over 56 financial institutions, are suspected of being used to disguise the origin and ownership of illicit funds through companies and cronies.
Audu Garba, Legal Officer of the Force Intelligence Department, told the Federal High Court in Abuja that the police have arrested several suspects who have made confessional statements implicating themselves and others. The investigation is still active, with the police seeking to prevent suspects from liquidating funds prematurely.
Garba requested a 60-day extension of the freezing order to allow the police to complete their inquiries and ensure effective prosecution. Justice Obiora Egwatu granted the extension, emphasizing the need to preserve the status quo and prevent the dissipation of assets.
The investigation continues as authorities work to identify additional individuals involved in the scheme and trace the flow of funds.
