An employee of a Lagos-based investment company, Bello Samuel, has been arraigned before the Federal High Court over allegations of diverting approximately N90 million from the firm’s account for personal use.
Samuel was docked by the Police Special Fraud Unit (PSFU) on charges bordering on conspiracy and money laundering. Prosecutors told the court that the suspect, who worked in the finance department of the company, exploited his position to perpetrate the fraud through an insider scheme.
In a statement issued on Tuesday, the spokesperson for the PSFU, Ovie Ewhubare, said the alleged offence was uncovered following a formal complaint by the affected company. He noted that investigators immediately commenced a detailed probe into the matter.
According to the police, Samuel converted company funds for his personal use and, upon realising that the fraud had been detected, absconded from Lagos with members of his family to evade arrest. Investigators said he cut off all lines of communication and went into hiding.
Ewhubare disclosed that the search for the suspect was extended to several states in the South-West before he was eventually apprehended in Oye-Ekiti Local Government Area of Ekiti State.
“Further investigation revealed that the suspect habitually laundered the proceeds of the fraud through the bank accounts of friends and relatives in order to conceal the source of the funds,” the police spokesperson said, adding that efforts were ongoing to arrest other individuals connected to the crime.
Meanwhile, the Commissioner of Police in charge of the PSFU, Kayode Ojapinwa, reaffirmed the unit’s resolve to tackle financial crimes, particularly insider-related frauds within corporate organisations.
He advised companies to strengthen internal control systems and improve employee monitoring to reduce vulnerabilities.