Police Bust Fraud Network Allegedly Profiling 125 Lagos Traders for Fake Deals
A sophisticated fraud operation allegedly profiling successful traders across some of Lagos State’s biggest commercial markets has been uncovered, raising fresh concerns over the security of business owners in the state.
Police investigators reportedly recovered a list containing the names of more than 125 traders and business operators allegedly marked as potential targets by suspected fraud syndicates operating across Lagos and neighbouring Ogun State.
The development has exposed what investigators described as an organised system in which prospective victims were allegedly studied before being approached with seemingly lucrative business opportunities designed to separate them from their money or goods.
The suspected syndicates reportedly focused on traders operating in major commercial centres, including Oshodi, Arena, Idumota, Alaba and Trade Fair markets.
Rather than randomly approaching victims, members of the groups allegedly identified successful business owners, gathered information about the commodities they sold and subsequently developed business proposals specifically designed to attract their interest.
One of the methods allegedly used involved approaching traders with requests for large quantities of particular commodities.
After gaining the confidence of a trader, another member of the syndicate would reportedly pose as the person ready to receive the goods.
Once the merchandise was delivered, the suspects would allegedly disappear, leaving the trader unable to recover either the goods or payment.
The investigation followed arrests by operatives of the Anti-Kidnapping Unit of the Lagos State Police Command, which reportedly uncovered two suspected fraud syndicates.
One of the suspects, identified as 61-year-old Patrick Nwankwo, reportedly told investigators that he operated as a “caller” whose responsibility was to locate prospective victims and introduce them to purported business opportunities.
According to his account, bicycle spare parts were among the commodities sometimes used to convince targeted traders that genuine buyers were seeking large supplies.
He reportedly disclosed that although members of the group operated from Ogun State, they deliberately targeted business owners in prominent Lagos markets.
The case took an even more disturbing dimension following allegations that some victims were not only defrauded but also held against their will while money was demanded for their release.
In one reported case, a tyre merchant was allegedly lured to the Aiyetoro-Itele area of Ogun State and held captive until about N24 million was reportedly paid before he regained his freedom.
Police attention was also drawn to another operation after a cloth seller was allegedly lured to the Ayobo area of Lagos. The subsequent police intervention reportedly led to the arrest of suspects and further investigation into the networks.
The discovery of a list containing more than 125 potential victims suggests that the alleged operation may have involved considerable planning rather than isolated acts of fraud.
It also raises concerns for traders who routinely conduct high-value transactions based on referrals, telephone conversations and introductions from supposed middlemen.
The development underscores the need for business owners to independently verify unfamiliar buyers, suppliers and intermediaries before releasing goods or making substantial payments.
Traders should also exercise caution when invited to unfamiliar locations to conclude unusually profitable transactions, particularly where pressure is mounted for immediate payment, delivery or physical meetings away from established commercial premises.
With investigators continuing to unravel the activities of the suspected syndicates, the case highlights how traditional advance-fee fraud tactics are allegedly being adapted to target established traders through detailed profiling and seemingly legitimate commercial transactions.
For Lagos business owners, the warning is increasingly clear: an attractive supply contract from an unfamiliar intermediary could require considerably more verification than it appears to at first glance.
