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Commissioner of Police, Police Special Fraud Unit [PSFU], Lagos, Eloho Okpoziakpo, has taken policing beyond investigation and tackling fraud, money laundering and other financial crimes. He told the Inspector General of Police (IGP) Conference in Abuja that the unit is wielding the sledgehammer on fraud and money laundering: “PSFU officers need to stay ahead of rapidly evolving technological trends. A comprehensive understanding of cryptocurrency operation is critical to effective investigation and prosecution of modern financial crimes.”
He reiterated his mandate to transform the unit into a globally recognised investigative unit, driven by professionalism, innovation and international best practices: “The importance of global partnerships in tackling the evolving dynamics of fraud, no single jurisdiction can effectively combat transnational crimes in isolation. The unit to explore proactive investigations and continuous collaboration with international partners to disrupt criminal networks and safeguard legitimate investments.
“The police detectives unit has arraigned suspects before the Federal High Court, Lagos, on multiple count charges bordering on obtaining money by false pretence and money laundering involving $55,000, an equivalent of approximately N88 million.
“The unit arrested suspects, members of cybercrime syndicate connected to a fraud of over N3million. Detectives unit applied advanced digital forensic techniques and financial analysis to trace the illicit transactions, identify members of the syndicate and recover vital evidence connected to the case that will aid the prosecution of the offenders.
“We have additional operational vehicle donated to the unit. This will enhance the unit’s investigative capacity, improve mobility of detectives and facilitate intelligence-led operations. The donations align with the strategic vision of the IGP, Olatunji Disu, to strengthen policing through improved logistics, stakeholders collaboration and enhanced services delivery.
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“Timely reporting remains a critical factor in successful investigations, as it greatly enhances the ability of investigations to trace fraud proceeds, preserve vital digital and financial evidence, and prevent suspects from dissipating or concealing illicit funds. The early engagement with law enforcement not only improves the chances of recovery, but also contributes significantly to bringing perpetrators to justice. We assure the public of the unit’s readiness to respond professionally and diligently to all reported cases of fraud and financial crimes.
“The fight against fraud and other crimes is a collectively responsibility. We call on Nigerians, corporate organisations and development partners to continue supporting the police with resources and credible information necessary to combat increasingly sophisticated financial crimes. The gesture is a demonstration of the confidence reposed in the PSFU and an example of the positive impact of collaborative policing.
“We have held a strategic engagement with the Head of Mission, Taipei Trade Office, Andy Yin-Ping Liu, aimed at fostering collaboration in the fight against cross boarder financial crimes. The meeting underscores the growing need for international cooperation in addressing transnational fraud, which has increasingly become a target for sophisticated fraud syndicates.
“We have another collaboration with US Internal Revenue Service-Criminal Investigation [IRS—CI]. Through the United States Consulate, we conducted a capacity building training on crypto fraud investigation for detectives of the unit. Officers were exposed to advanced techniques in cryptocurrency tracing, digital asset analysis and investigative strategies required to combat cyber- enabled financial crimes. The training also provided valuable insights into the structure, usage, regulatory framework, and potential misuse of cryptocurrencies.”
