The Lagos State Police Command has arrested the alleged kingpin of a vehicle fraud syndicate accused of fraudulently acquiring 29 luxury vehicles valued at more than N1 billion from car dealers across the state.
The suspect, who had been on the run, was apprehended after investigations and confessional statements by previously arrested members of the syndicate identified him as the mastermind behind the operation.
Following the arrest, the Commissioner of Police, Fatai Tijani, directed the State Criminal Investigation Department (SCID), Yaba, to intensify efforts to apprehend other members of the network.
Police investigations revealed that the syndicate allegedly deceived reputable vehicle dealers by claiming the vehicles were needed for legitimate business or political purposes. The suspects reportedly obtained the vehicles using dud or post-dated cheques before transferring them to third parties through intermediaries to conceal the identities of the beneficiaries.
Investigators said three separate cases involving conspiracy, obtaining goods by false pretence, fraudulent conversion, stealing and the issuance of dud cheques were later linked to the same organised criminal network.
The command said intelligence-led policing and the AUTOREG vehicle tracking platform have led to the recovery of 16 vehicles, 12 of which have already been returned to their rightful owners. Vehicles valued at about N534 million are still being traced.
The investigation is being handled by the Financial Crimes Section of the SCID, Yaba, under the supervision of the Deputy Commissioner of Police in charge of the department, Dayo Akinbisehin.
Police advised vehicle dealers to verify the identities and credentials of prospective buyers and exercise caution when transactions involve post-dated cheques or unfamiliar intermediaries.