Suspect arrested for hacking Nigerian bank, transferring N523 million to 225 accounts

Suspected internet fraudsters hacked into the server of an old generation bank and fraudulently transferred the sum of N523,337,100,00 from a customer’s account ti18 different accounts in the same bank, subsequently further transferring the monies to 225 other accounts in 22 other banks and financial institutions.

The Public Relations Officer (PPRO) of the Police Special Fraud Unit (PSFU) Ikoyi, SP Eyitayo Johnson, on Wednesday said two suspects have been arrested in connection with the fraud and leads are being followed in order to apprehend the remaining members of the syndicate.

“Hackers hit an Old-Generation Bank, Transferred  Five Hundred and Twenty-Three Million, Three Hundred and Thirty-Seven Thousand and One Hundred Naira (N523,337,100.00) to eighteen (18) different customers’ Accounts and dissipated same via Unified Payments Interface (UPI), Cash/ATM/POS/Withdrawals and e-transfers,” Eyitayo said.

“The Legal Section of the Police Special Fraud Unit (PSFU), Ikoyi-Lagos; headed by CSP. E.A. Jackson, Esq; has successfully obtained an order of the Federal High Court siting in Lagos for the Preservation/Forfeiture/Attachment of a net sum of Five Hundred and Twenty-Three Million, Three Hundred and Thirty-Seven Thousand and One Hundred Naira (N523,337,100.00) fraudulently transferred by internet fraudsters who hacked a customer’s account domiciled in one of the Old-Generation banks and posted the funds into eighteen (18) different accounts in the same Bank before transmitting same to Two Hundred and Twenty-Five (225) other accounts in Twenty-Two (22) Banks/Financial Institutions.

“The coordinated cyber-attack was carried out during the weekend of Saturday 23rd April, 2022, through Sunday 24th April, 2022 to the early hours of Monday 25th April, 2022 before business opened.

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“In the course of the investigation, the sum of One Hundred and Sixty Million, Two Hundred and Eight-Seven Thousand, Seventy-One Naira and Forty-Seven Kobo (N160,287,071.47) has been recovered from different Banks; with two suspects arrested, while operatives are following other leads in order to apprehend the remaining members of the syndicate.

“The suspects will be charged to Court as soon as investigations are concluded.” 

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