Nigerian Arrested For Multi-Million Dollar Fraud In South Africa

South African officials have detained a Nigerian individual suspected of running a sophisticated fraud scheme that defrauded millions of victims worldwide.

Nwachimere Collins Ofoegbu, 55, was arrested in Sandton on February 10, 2025, after a thorough investigation by the Hawks’ Serious Commercial Crime Unit.

Ofoegbu appeared in Randburg Magistrates Court on February 11 and will be charged with fraud, theft, and violations of the Prevention of Organised Crime Act.

His case has been referred to the Wynberg Magistrates Court for a formal bail application on February 18.

According to authorities, Ofoegbu allegedly orchestrated a complex plan that targeted high-net-worth individuals by impersonating banks executives and government officials.

The investigation was launched after a wealthy businessman reported losing over R20 million (about $1 million USD) in a complicated investment scheme.

“This arrest represents a significant victory in our ongoing battle against sophisticated financial crimes,” said Brigadier Wendy Mashwabane, Acting Provincial Head of the Gauteng Hawks.

“The level of complexity in this operation shows we’re dealing with highly organized criminal networks operating across multiple continents.”

The scheme’s complexity was evident in its implementation, with fraudsters setting up meetings on three continents – South Africa, the United Arab Emirates, and the United Kingdom.

Victims were enticed with promises of outstanding gains in South African financial markets, with the offenders impersonating as senior banking personnel to establish trust.

During the arrest, authorities inspected Ofoegbu’s two luxury residences in the famed Waterfall Estate and Waterfall Village projects. These properties are thought to have been purchased using revenues from illicit activities. Investigators have already connected R1.2 million of fraudulent transactions directly to the accused.

The inquiry uncovered a complicated web of overseas bank accounts used to launder stolen funds, including those at First National Bank, Bank of China, and other London financial firms. A second suspect in the scam is still at large, with authorities actively following leads.

The Hawks have warned the public to be extremely cautious in financial transactions, particularly when dealing with unsolicited investment possibilities that promise exceptionally large returns.

“This case sends a clear message: South Africa will not be a haven for financial criminals. We have the capability and determination to track down and prosecute those who prey on unsuspecting victims, regardless of how sophisticated their schemes may be.” they said.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli