The Police Special Fraud Unit (PSFU), Lagos, has arraigned an employee of an investment company, Bello Saheed Samuel, before the Federal High Court in Lagos over an alleged insider fraud involving about N90 million.
Samuel was charged with conspiracy and money laundering following investigations into the disappearance of company funds, which police said were fraudulently diverted for personal use.
According to investigators, the suspect worked in the finance department of the firm and allegedly took advantage of his position to gain unauthorised access to company funds over a period of time.
The alleged fraud came to light after the company noticed financial irregularities and lodged a formal complaint with the Police Special Fraud Unit.
Police sources said that shortly after the investigation began, Samuel reportedly fled Lagos with members of his family and went into hiding, cutting off all communication in an attempt to evade arrest. His disappearance prompted an expanded manhunt across several states in the South-West.
The suspect was eventually tracked and arrested in Oye-Ekiti Local Government Area of Ekiti State after weeks of intelligence-led investigations.
Further findings by the police revealed that the suspect allegedly attempted to conceal the source of the stolen funds by moving the money through bank accounts belonging to friends and relatives. Investigators said this method was used to launder the proceeds and avoid detection.
Samuel has now been formally arraigned before the Federal High Court, where he pleaded not guilty to the charges. The court adjourned the matter to a later date to allow for the continuation of legal proceedings.
Meanwhile, police authorities confirmed that investigations are still ongoing to identify and arrest other individuals believed to be connected to the alleged fraud, particularly those whose accounts were used in moving the funds.
Reacting to the development, the Commissioner of Police in charge of the Police Special Fraud Unit, CP Kayode Ojapinwa, reiterated the unit’s determination to combat financial crimes, especially insider-related fraud within corporate organisations.
Ojapinwa urged businesses and corporate institutions to strengthen internal control systems and closely monitor financial activities within their organisations to prevent similar incidents.
He also warned that employees who abuse their positions of trust for personal gain would be thoroughly investigated and prosecuted in line with the law.
The Police Special Fraud Unit reaffirmed its commitment to protecting businesses and the financial system from fraud, assuring the public that offenders would be brought to justice regardless of their attempts to evade law enforcement.
