Gun attack on Tiger Shroff: Police custody of five accused extended till November 16

The Police Special Fraud Unit (PSFU) in Lagos has discovered a counterfeit footwear manufacturing facility in Sagamu, Ogun state, and arrested five individuals, including two Chinese nationals, for their alleged involvement. According to DSP Ovie Ewhubare, a PSFU spokesperson, the company, Meibalun International Nigeria Ltd., claimed to be a Nigerian-made footwear manufacturer but was allegedly producing and selling shoes with the names and trademarks of international brands without obtaining proper authorization. These affected brands include Gucci, Nike, Timberland, Louis Vuitton, and Adidas, among others.

Further investigation by the PSFU's Stock Capital Market Fraud Section revealed suspicious financial transactions associated with the company's operations. It was discovered that customer payments were allegedly diverted to private bank accounts instead of the company's designated corporate account. Upon tracing the ownership, movement, and utilization of the proceeds from the alleged criminal activities, investigators found that the suspects admitted to using imitated foreign brand names to generate higher sales and patronage compared to marketing the products under Nigerian-made branding.

DSP Ewhubare informed that the Commissioner of Police, Mr. Eloho Okpoziakpo, has reaffirmed that the PSFU's mandate to combat financial crimes extends beyond conventional banking and investment fraud. He emphasized that the unit will also tackle offences that undermine the business environment, economic stability, and intellectual property rights. The Commissioner assured the public that the investigation would be conducted professionally and in accordance with due process.

Ewhubare stated that all culpable parties will face justice.