Police Arrest Hacker, BDC Operators For ‘Stealing’ N1.8 Billion From Lagos Bank, Other Firms

The Police Special Fraud Unit (SFU) in Lagos State says it has arrested suspected hacker, Femi Salau, for allegedly hacking into the system of bank servers and corporate agencies to steal about N1.8 billion.

Salau was nabbed after allegedly using software to create fictitious credits totaling N1,868,900,000, and depositing them into the accounts of some bank customers.

Speaking in a statement on Friday, the SFU’s spokesman, Eyitayo Johnson, said Salau successfully debited N417,542,00 through Internet banking transfers to other banks.

The police unit said it also arrested two Bureau De Change operators who allegedly acted as Salau’s accomplices to perpetrate the fraud.

He stated that the affected bank petitioned the unit and its operatives to contact the Central Bank of Nigeria and Deposit Money Banks, whose customers were beneficiaries of the fraudulent funds, and they were able to recover a substantial amount.

“The hacker, who displayed exemplary mastery of the cyber environment, was arrested after he hacked into the Flex-Cube Universal Banking System of a first-generation bank.

“Using application software, he created fictitious credits totalling N1,868,900,000 on the accounts of three of the bank’s customers and successfully consummated debits amounting to N417,542,000 through Internet banking transfers to other banks.

“The unit, while acting swiftly on a petition from the bank, contacted the Central Bank of Nigeria and Deposit Money Banks, whose customers were beneficiaries of the fraudulent funds, and was able to salvage a substantial amount,” the SFU said

Operatives recovered an Apple laptop and iPhone, Johnson said, adding that the suspect alongside his accomplices would be charged to court immediately after investigation.

Narrating how he was arrested, the police said, “We had been on the trail of the hacker (Salau) for a while; he travelled out of the country; so, we placed him under watch and picked him up from the airport.

“The Commissioner of Police in charge of the unit, Anderson Bankole, arrested one of the BDCs operators in a bank in Abuja when he went for the IGP’s conference. The other BDC operator was arrested in Lagos.

“The hacker (Salau) was the last person we arrested because the way we conduct our investigation is from the bottom up.”

“Consequently, the Commissioner of Police in charge of the unit scheduled a meeting with the Chief Compliance Officers and Heads of Technology/Information Security Department of banks to brainstorm on the loopholes exploited by this suspect and how to counter similar hacks for the benefit of both the police and the banking sector of our economy.”