Police arrest alleged N1bn exotic vehicle fraud syndicate leader in Lagos

Lagos State Police Command has apprehended the alleged leader of a criminal syndicate accused of defrauding vehicle dealers of 29 luxury automobiles valued at over N1 billion across the state.

The suspect, who had reportedly remained on the run for a prolonged period, was arrested after investigators traced him through information provided by other members of the syndicate already in police custody. According to investigators, confessional statements from the suspects identified him as the alleged mastermind behind the operation.

A police source disclosed that the syndicate allegedly targeted automobile dealers by posing as genuine buyers and using deceptive means, including post-dated cheques and unfamiliar intermediaries, to obtain expensive vehicles before diverting them for personal use.

The source advised vehicle dealers to exercise caution by thoroughly verifying the identities and credentials of prospective buyers, especially in transactions involving post-dated cheques, to avoid falling victim to similar schemes.

According to Vanguard, the arrest prompted the Lagos State Commissioner of Police, Mr Fatai Tijani, to direct operatives of the State Criminal Investigation Department, SCID, Yaba, to intensify efforts to apprehend other members of the syndicate who remain at large.

The police have relied on intelligence-driven operations and the AUTOREG vehicle tracking platform to recover the stolen vehicles. So far, 16 of the 29 vehicles have been traced, with 12 already returned to their legitimate owners.

Authorities, however, said vehicles valued at approximately N534 million are still missing, adding that recovery efforts are ongoing.

The case is being investigated by the Financial Crimes Section of the SCID, Yaba, under the supervision of the Deputy Commissioner of Police, Mr Dayo Akinbisehin.

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