HACKERS STEAL N523,337,100.00 FROM A BANK

Fraudsters hacked into an old generation bank (name withheld), stealing N523,337,100.00 in one day.

The police have already apprehended two members of the ring that hacked into the bank. However, police at the Police Special Fraud Unit (PSFU), where the case is being investigated, have stated that they have increased their search for other members of the syndicate who are on the run.

According to Police Public Relations Officer (PPRO), PSFU, SP. Eyitayo Johnson, the fraudsters stole N523,337,100.00 from the bank and disbursed it through Unified Payments Interface (UPI), Cash/ATM/POS/Withdrawals, and e-transfers.

"The Legal Section of the Police PSFU, Ikoyi-Lagos: headed by CSP. E. A. Jackson has successfully obtained an order of the Federal High Court sitting in Lagos for the Preservation/Forfeiture/Attachment of a net sum of N523,337,100.00 fraudulently transferred by internet fraudsters who hacked a customer's account domiciled in one of the Old-Generation banks and posted the funds into 18 different accounts in the same Bank before transmitting same to 225 other accounts in 22 banks/ financial institutions.

'The coordinated cyber-attack was carried out during the weekend of Saturday, April 23,2022, through Sunday. April 24, 2022, to the early hours of Monday, April 24, 2022, before the business opened.

"In the course of the investigation, the sum of N160,287,071.47 has been recovered from different banks; with two suspects arrested, while operatives are following other leads in order to apprehend the remaining members of the syndicate."