April 13, 2024

Police arrest man for allegedly hacking into bank’s service, steals over N1.8bn

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Etim Effiong

Detectives from the Special Fraud Unit (SFU) of the Nigeria Police Force (NPF) have arrested a 38-year-old Salau Abdulmalik Femi for allegedly hacking into the server of a Nigerian bank to steal over N1.87 billion.

The suspect was accused of being the kingpin of a syndicate that specialises in hacking into the servers of banks and corporate agencies.

However, he was arrested after he allegedly hacked the Flex-Cube Universal Banking System (FCUBS) of a first-generation bank.

Meanwhile, the spokesperson of the Special Fraud Unit, Ikoyi, Lagos, DSP Eyitayo Johnson, stated that the suspect, using application software, created fictitious credits totalling N1.87 billion in three of the bank’s customers.

DSP Johnson said, “The suspect successfully consummated debits (outflows) amounting to N417.5 million through internet banking transfers to other banks.

“The unit, while acting swiftly on a petition from the bank, contacted the Central Bank of Nigeria (CBN) and the deposit money banks which customers were beneficiaries of the fraudulent funds and that in the process was able to salvage a substantial amount.

“Items recovered from the suspect include an Apple laptop and an iPhone. He and operators of some Bureau De Change (BDC) who used to launder the monies will be charged to court as soon as investigation is concluded.”

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