In a significant breakthrough in the fight against transnational crime, South African authorities have arrested a Nigerian man accused of masterminding a sprawling multimillion-dollar fraud scheme. The suspect, Nwachimere Collins Ofoegbu, 55, allegedly orchestrated a complex web of deceit, defrauding unsuspecting victims of substantial financial losses. As investigators continue to unravel the extent of the scam, this high-profile arrest serves as a stark reminder of the devastating consequences of financial fraud and the importance of international cooperation in combating these crimes.

A Nigerian man has been arrested in South Africa for allegedly running a global fraud operation that stole millions of dollars

An extensive investigation by the Hawks’ Serious Commercial Crime Unit led to the February 10, 2025 arrest of Nwachimere Collins Ofoegbu, 55, in Sandton. 

He appeared in the Randburg Magistrates Court on February 11, charged with fraud, theft, and violations of the Prevention of Organised Crime Act. His bail hearing is set for February 18 in Wynberg Magistrates Court.

Investigators say Ofoegbu orchestrated a scheme targeting wealthy individuals by impersonating bank executives and government officials. 

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

“This arrest represents a significant victory in our ongoing battle against sophisticated financial crimes,” stated 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
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.

Two luxury properties owned by Ofoegbu in the prestigious Waterfall Estate and Waterfall Village developments were searched by authorities during his arrest.  These properties are suspected of being purchased with proceeds from his criminal activities.  Investigators have already traced R1.2 million in fraudulent transactions directly to the accused.

The investigation uncovered 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 cautioned the public to be wary of unsolicited investment opportunities, especially those promising unusually high returns.  They emphasized their commitment to prosecuting financial criminals, stating, “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.”