At least 125 business owners in some of Lagos’ major markets have been identified as potential victims of suspected fraud syndicates, following the arrest of seven suspects by the Lagos State Police Command.
The suspects were arrested by operatives of the Anti-Kidnapping Unit, led by CSP Sunday Cirman, during investigations into two suspected fraud syndicates targeting traders.
Police said the suspects studied successful businessmen, identified the commodities they traded and devised schemes to lure them into fake business deals.
In some cases, the fraud allegedly led to kidnapping, with victims held until ransom was paid.
Police said a tyre merchant was lured to Aiyetoro-Itele in Ogun State, where he was held captive and about ₦24 million was collected as ransom.
The latest breakthrough reportedly followed an attempt by one of the gangs to lure a cloth seller to Ayobo, Lagos.
Three suspects were arrested, leading investigators to a list containing more than 125 business operators.
A police source said, “The two groups use different tactics but their mode of operation is that they target prospective investors or traders but ended up defrauding them in the process.”
One of the suspects, 61-year-old Patrick Nwankwo, said the gang targeted traders in markets including Oshodi, Arena, Idumota and Alaba Trade Fair.
“We already have our target and what they sell,” Nwankwo said.
He added, “They want to get very rich quick and we take advantage of that.”
Another suspect, Emeka Obi, 60, said he allowed the gang to use his office for operations and received 10% of proceeds from victims.
The Lagos police spokesperson, SP Abimbola Adebisi, said the arrests reaffirmed Commissioner of Police Fatai Tijani’s determination to make the state “uninhabitable for criminals.”
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