The Federal High Court in Abuja has granted the Inspector General of Police (IGP) an additional 30-day freezing order against 818 bank accounts currently under investigation for allegedly receiving “proceeds of crime” resulting from a N10 billion cyber-attack on the Hope Payment Service Bank platform.
Justice James Omotosho granted the IGP’s request on Monday, October 14, 2024, relying on a motion ex parte filed by the police, which was exclusively seen by Nairametrics.
The IGP told the court that as the head of the Nigerian Police Force, with a statutory duty to prevent and detect crime through investigation, it received a petition from the bank concerning cyber-attack.
IGP’s Allegations
The IGP emphasized that the development borders on suspected fraud, criminal diversion, conversion of funds, conspiracy, and stealing.
In the motion marked FHC/ABJ/CS/1358/2024, filed against James Akagwu Isaac, Akwubo Gosent, Shirsha Paul Terver, and 815 others, including several banks, the IGP’s legal team submitted that the accounts through which the defendants are alleged to have obtained proceeds of crime are subject to investigation, thus necessitating the freeze.
In an affidavit deposed by Muhammed Idris, a staff member of the Nigeria Police Force, Force Headquarters Abuja, he revealed that a petition was lodged in the office of the IGP by the Managing Director and Chief Financial Officer on behalf of Hope Bank, reporting a case of fraud, criminal diversion, conversion of funds, and conspiracy against one of the defendants.
Idris stated that investigation showed that the bank lost N10 billion from the cyber-attack and that there is an urgent need to trace and recover the funds.
“That as a result of the fraudulent activities and cyber-attacks on the banking platform of the nominal complainant, they lost the sum of N10,000,000,000.00 (Ten Billion Naira), which has now been transferred/diverted to various accounts of the 1st to 818th defendants/respondents in an attempt to flitter away with the proceeds of crime.
“That investigation revealed that the said funds were laundered into the following accounts of the 1st to 818th defendants/respondents.
“That the total sum of funds moved from the petitioner’s financial institution is estimated at N10,000,000,000,” Idris stated.
The IGP further explained that it had been able to submit the earlier freezing order (which lasted for 14 days) to various financial institutions involved, but some have yet to be submitted to others.
“The petition revealed that the nominal complainant (Hope Bank) is a financial institution that has built trust with its customers, making it easier to render financial services.
“This Honourable Court granted an order for the freezing of accounts of the 1st to 818th defendants/respondents on the 24th day of September 2024 for a period of 14 days.
“There is a need to extend the order granted by this Honourable Court on the 24th of September 2024 to enable the applicant to conclude its investigation and possible prosecution.
“That it is in the interest of justice to grant this application,” Idris stated.
“An order of this Honourable Court extending the order granted to the applicant (IGP) on the 24th day of September 2024 for another period of 30 days for the purpose of investigation and possible prosecution,” the IGP’s motion prayed.
What Transpired in Court
At the hearing on Monday, the IGP’s counsel, Barrister Eleodimuo Nonso, asked the court to grant his request by extending the freezing order on the identified bank accounts.
He explained that investigation on the cyber-attack is at the advanced stage and a number of the suspects are cooperating with investigators.
Justice Omotosho granted the additional freezing order request in a short ruling.
Furthermore, he advised the IGP’s legal team to remove bank accounts that received marginal sums, such as N1,000, from its probe.
What You Should Know
Hope Payment Service Bank, one of Nigeria’s leading payment service banks, recently averted a fraudulent cyber-attack targeted at its banking platform, retrieving billions of Naira in the intended attack.
Investigations revealed that the digital bank was promptly alerted to the attack and was able to thwart it at the last moment.
