How PSFU secured forfeiture order in N8.585b fraud case

The Police Special Fraud Unit (PSFU), Lagos under the command of Commissioner of Police Eloho Edwin Okpoziakpo has achieved a breakthrough in its fight against financial crimes, securing a forfeiture order in a N8.585 billion fraud case.

The PSFU Police Public Relations Officer and a Deputy Superintendent of Police , DSP Ovie Kenneth Ewhubare, revealed this.

Ewhubare said the Unit obtained a forfeiture order from the Federal High Court in connection with a case involving conspiracy, fraudulent conversion, obtaining money under pretences, stealing, and money laundering amounting to N8,585,852,300.00.

The image manager further explained that the order was secured against Plaude Technologies Limited, Omberra Commodities Limited, Olatomiwa Adebayo Idowu, Osikoya Oladayo Joshua, Ibunkun Oluwa Boluwatife Adebayo, and several bank accounts linked to the alleged fraud.

He said: “The case stemmed from a petition filed by a financial institution, which alleged that the suspects conspired to defraud it through false representations and fraudulent schemes.

“Detectives of the PSFU launched an intensive investigation, deploying intelligence-driven strategies that extended to multiple financial institutions and Nigeria’s apex financial regulatory body.”

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Ewhubare stated that findings revealed that Plaude Technologies Limited lacked the operational and financial capacity to meet its obligations, and further uncovered the role of Osaretin Jonathan, a director in the company, who allegedly laundered funds through multiple bank accounts. 

“Following these discoveries, the Unit approached the court and successfully obtained a forfeiture order against the implicated accounts and assets, pending the conclusion of investigations,” said he.

CP Okpoziakpo praised the professionalism and resilience of the detectives, reaffirming the Unit’s commitment to tackling sophisticated financial crimes and protecting the integrity of Nigeria’s financial system.

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