The Inspector General of Police (IGP), Kayode Egbetokun informed the Federal High Court in Abuja on Monday that operatives have recovered properties worth N6 billion from suspected fraudsters as part of an ongoing investigation into a N21 billion alleged fraud and money laundering scheme involving 2,039 bank accounts.
Audu Garba Esq., Legal Officer of the Force Intelligence Department (FID), disclosed this to Justice Obiora Egwatu during his ex parte motion hearing.
Naijaonpoint reports that the IGP is investigating a case of large-scale fraud and money laundering amounting to N21.4 billion.
The alleged fraudsters, who reportedly own the implicated bank accounts, are accused of transferring significant sums across 56 financial institutions using the names of companies, enterprises, and cronies to disguise ownership and transaction origins.
The police stated in court documents that the accounts for which reliefs are sought are subject to investigation, inquiry, and examination by the Nigerian Police Force Investigation Division in Abuja.
“The Inspector General of Police has the powers under Section 4 and other extant laws to investigate and prosecute crimes in Nigeria,” the IGP stated.
During the court session, Garba informed the judge that his motion, dated April 28, 2025, sought a 60-day extension of the earlier post-no-debit (freezing) order on the 2,039 accounts in 56 banks and financial institutions across Nigeria.
“An order of this Honourable Court granting a sixty (60) day extension of the order granted on March 4, 2025, in Suit No: FHC/ABJ/CS/335/2025, directing all the Banks and Financial Institutions listed as Respondents to freeze (place a Post No Debit) on all the Accounts listed in Appendix A and the accounts of the merchants listed in Appendix B—totaling 2,039 Account holders attached to the application—and arrest the account holders on sight,” part of the motion read.
“Unfreezing the accounts at this stage would be premature, as the suspects may dissipate the funds and jeopardize further investigations, thereby rendering the police’s efforts and any subsequent court action futile,” he argued.
This development underscores ongoing efforts by law enforcement authorities, particularly the Nigerian Police, to curb financial crimes and enforce the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The Money Laundering Act 2022 prescribes jail terms for offenses such as concealing the origin of funds, destruction of evidence, and fraud.