Police Arrest Alleged Fraud Kingpin Over N1bn Vehicle Theft Syndicate

The Lagos State Police Command has arrested the alleged kingpin of a vehicle fraud syndicate accused of fraudulently acquiring 29 vehicles worth more than N1 billion from unsuspecting dealers across the state.

The suspect, who had been on the run for months, was apprehended following investigations and confessional statements obtained from other arrested members of the syndicate, who identified him as the alleged mastermind behind the operations.

Following the arrest, the Commissioner of Police, Fatai Tijani, directed the State Criminal Investigation Department (SCID), Yaba, to intensify efforts to track down other fleeing members of the criminal network.

A police source disclosed that the syndicate specialised in obtaining luxury and exotic vehicles from reputable automobile dealers through false representations before diverting them for personal gain.

According to the source, the suspects typically approached dealers claiming the vehicles were needed for legitimate business transactions or political assignments.

They allegedly paid with dud or post-dated cheques, took possession of the vehicles, and later transferred them to third parties while concealing the identities of the actual beneficiaries through intermediaries.

Investigators discovered that three separate complaints involving conspiracy, obtaining goods by false pretence, fraudulent conversion, stealing and issuance of dud cheques were all linked to the same organised syndicate.

The police said intelligence-led investigations and the use of the AUTOREG vehicle tracking platform led to significant breakthroughs in the case.

So far, 16 of the stolen vehicles have been recovered, with 12 already returned to their rightful owners.

However, vehicles estimated to be worth about N534 million remain missing, while efforts continue to recover the outstanding assets and arrest all other suspects connected with the fraud.

The police described the case as a coordinated criminal enterprise rather than isolated incidents, noting that investigations are being handled by the Financial Crimes Section of the SCID under the supervision of the Deputy Commissioner of Police in charge of the department, Dayo Akinbisehin.

The command reaffirmed its commitment to recovering the remaining vehicles, dismantling the syndicate and ensuring all those involved are prosecuted in accordance with the law.

It also advised vehicle dealers to thoroughly verify the identities and credentials of prospective buyers and exercise caution in transactions involving post-dated cheques, unfamiliar intermediaries or suspicious payment arrangements.