Two Suspected Fraudsters Arrested For Allegedly Stealing N400m Via Moniepoint Customers

Nigeria Police Force has arrested two suspects in connection with the creation and distribution of compromised financial accounts to facilitate N400m fraudulent transactions.

The suspects identified as Saidu Adam Usman and Yusuf Umar, both male, allegedly created Moniepoint accounts using pre-registered SIM cards and email addresses.

In a statement by police Spokesman, Muyiwa Adejobi, on Thursday, disclosed that the suspects fraudulently obtained Bank Verification Numbers and KYC details from individuals to carry out the fraud.

Adejobi added that the suspects are part of the 82 others apprehended in January 2025 for various financial and cyber-related crimes.

The Police Spokesman said that another suspect Rabiu, also known as Rabo, was arrested for identity theft, computer-related fraud, and money laundering.

The statement reads: “In a press briefing today February 6th 2025, at the NPF-NCCC, the Force paraded some suspects linked to several fraud schemes that has defrauded individuals and organizations within and outside the country.

“Among these cases is the arrest of two individuals, Saidu Adam Usman ‘m’, and Yusuf Umar ‘m’, in connection with the creation and distribution of compromised financial accounts used to facilitate fraudulent transactions amounting to over four hundred million naira (₦400 million).

“The suspects created Moniepoint profiles using pre-registered SIM cards and email addresses and then distributed to local accomplices across different states for KYC verification, fraudulently obtaining Bank Verification Numbers (BVNs) and KYC details from individuals.

“Upon completion of the KYC process, the suspects would change the passwords to secure them for their unknown foreign contractor.

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“Another significant arrest is that of one Rabiu Aliyu Salisu AKA Rabo, involved in identity theft, computer-related fraud, and money laundering.

“The suspect had fraudulently assumed the identity of an American citizen, presenting himself as Matthew Ramsey, and defrauded one Deborah Woods, an American national, of $597,000.

“Following a filed petition for criminal defamation, cyberstalking, cyberbullying, and falsehood, the Force also secured the arrest of one Idowu Smart Emmanuel, who eventually admitted to his crimes and confessed that his allegations were false. ”