Nigerian man arrested for multi-million dollar fraud scheme in South Africa

 South African authorities have arrested a Nigerian national accused of orchestrating a sophisticated fraud scheme that swindled millions from victims worldwide.

 

Nwachimere Collins Ofoegbu, 55, was arrested in Sandton on February 10, 2025, following an extensive investigation by the Hawks’ Serious Commercial Crime Unit. 

Ofoegbu appeared in the Randburg Magistrates Court on February 11 and will face charges including fraud, theft, and violations of the Prevention of Organised Crime Act. 

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

According to investigators, Ofoegbu allegedly masterminded an elaborate scheme that targeted high-net-worth individuals through the impersonation of banking executives and government officials. 

The investigation began after a wealthy businessman reported losing over R20 million (approximately $1 million USD) in a complex investment fraud.

"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 sophistication was evident in its execution, with fraudsters arranging meetings across three continents – South Africa, the United Arab Emirates, and the United Kingdom. 

Victims were lured with promises of exceptional returns through South African financial markets, with the perpetrators posing as senior banking officials to establish credibility.

During the arrest, authorities visited two luxury properties belonging to Ofoegbu in the prestigious Waterfall Estate and Waterfall Village developments. These properties are believed to have been purchased with proceeds from criminal activities. Investigators have already traced R1.2 million in fraudulent transactions directly to the accused

The investigation revealed a complex web of international bank accounts used to launder the stolen funds, including accounts at First National Bank, Bank of China, and various London financial institutions. A second suspect implicated in the scheme remains at large, with authorities actively pursuing leads.

The Hawks have urged the public to exercise extreme caution in financial transactions, particularly when dealing with unsolicited investment opportunities promising unusually high 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.