The Police Special Fraud Unit (PSFU) in Lagos has arrested Adeleke Hafees, a suspected member of a cybercrime syndicate, over an alleged ₦3 billion fraud targeting a financial institution.

The suspect was apprehended after an investigation into a sophisticated cyber intrusion that involved unauthorized access to the institution's database using Point of Sale (POS) terminals and other technological tools.Preliminary findings revealed that the fraudsters moved proceeds through multiple bank accounts to conceal the funds' origin.

Detectives used digital forensic tools and financial intelligence techniques to trace transactions, identify syndicate members, and recover digital evidence for prosecution.The PSFU commended the investigating team for their professionalism and directed efforts to apprehend other suspects.

The police emphasized their commitment to combating cybercrime through intelligence-led policing and collaboration with stakeholders to protect Nigeria's financial system.Investigations continue as authorities intensify efforts to arrest remaining suspects in the case.