The Lagos State Police Command has arrested a suspected ringleader of a vehicle fraud syndicate linked to the alleged acquisition of 29 luxury cars worth over N1 billion.
The suspect, who had been on the run, was apprehended following investigations and confessional statements from previously arrested members who identified him as the mastermind.
Police sources said the syndicate targeted reputable car dealers, falsely claiming the vehicles were for legitimate business or political use. The group reportedly obtained the cars using dud or post-dated cheques before reselling them through intermediaries to conceal the identities of the beneficiaries.
The case emerged after detectives merged three separate complaints involving fraud, theft, and the issuance of dud cheques, later uncovering a coordinated criminal network behind the incidents.
So far, 16 vehicles have been recovered through intelligence-led operations and the AUTOREG tracking platform, with 12 already returned to their owners. Vehicles valued at about N534 million remain missing.
Commissioner of Police Fatai Tijani has directed the State Criminal Investigation Department (SCID), Yaba, to intensify efforts to recover the remaining vehicles and arrest other suspects still at large.
Police say investigations are ongoing under the SCID’s Financial Crimes Section.
Authorities also urged vehicle dealers to verify buyers thoroughly and exercise caution when dealing with post-dated cheques or unfamiliar intermediaries.
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