Police arrest fraud syndicate targeting 125 Lagos traders

The Lagos State Police have arrested six suspected members of two fraud syndicates targeting traders and successful business operators in major markets across the state. The suspects allegedly operated a network that identified prospective victims, deceived them with fake commodity supply deals, and stole their money. The police recovered a list containing details of more than 125 traders and business operators from popular Lagos markets, including Oshodi, Arena, Idumota, Alaba, and Trade Fair Market, who were marked as potential targets by one of the syndicates.

One of the gangs even allegedly lured a tyre merchant to the Ogun State area of Aiyetoro-Itele, where he was held captive until around N24m was paid as ransom for his release. The syndicate's operations were uncovered after their members lured a cloth seller to Lagos' Ayobo area and arrested three suspects. The police source stated that the two groups used different tactics but consistently targeted prospective investors or traders, defrauding them in the process.

One of the suspects, 61-year-old Patrick Nwankwo, joined the gang after his second-hand clothing business collapsed and described his role as a "caller" responsible for identifying potential victims. Nwankwo also admitted that the gang operated from Ogun State but targeted traders in major Lagos markets, using victims' desire for quick wealth to convince them.

Another suspect, 60-year-old Emeka Obi, revealed that he allowed the gang to use his office for their activities and received a 10% share of their profits.