Nigerian Man Arrested in South Africa for Multi-Million Dollar Fraud Scheme

South African authorities have apprehended a Nigerian national suspected of masterminding a complex fraud operation that defrauded victims of millions worldwide.

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

Ofoegbu appeared before the Randburg Magistrates Court on February 11, facing charges of fraud, theft, and violations of the Prevention of Organised Crime Act.

His case has now been transferred to the Wynberg Magistrates Court, where he is set to apply for bail on February 18.

Investigators allege that Ofoegbu orchestrated a sophisticated scheme that defrauded high-net-worth individuals by posing as banking executives and government officials.

The probe was launched after a wealthy businessman reported being swindled out of more than R20 million (approximately $1 million USD) in an intricate investment scam.

“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 was executed with remarkable sophistication, involving orchestrated meetings across South Africa, the UAE, and the UK.

Victims were deceived with promises of lucrative returns in South African financial markets, with fraudsters posing as senior banking officials to establish credibility.

During Ofoegbu’s arrest, authorities searched two luxury properties in Waterfall Estate and Waterfall Village, believed to have been acquired using proceeds from the scam. Investigators have already linked R1.2 million in fraudulent transactions to the accused.

The probe uncovered a vast network of international bank accounts used to launder stolen funds, spanning institutions such as First National Bank, Bank of China, and various London-based financial entities. Meanwhile, a second suspect remains at large, with authorities actively pursuing leads.

The Hawks have advised the public to remain vigilant, particularly when approached 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.