EFCC Uncovers N70m POS Fraud Scheme

Operatives of the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have launched an investigation into an alleged N70.03 million fraud involving a sales representative and a Point of Sale (POS) operator linked to Prince OJ Global Services Limited.

The suspects, identified as Ibekwe Izuchukwu Emmanuel, a sales representative of the company, and Miracle Onyekachi Nnaji, a POS operator, are accused of criminally diverting a total sum of N70,030,450 belonging to the firm.

According to the EFCC, the probe was initiated following a petition submitted by Prince OJ Global Services Limited, which raised concerns over significant discrepancies in its financial records. The company alleged that large sums of money had gone missing from its accounts, with irregularities traced back to transactions carried out as far back as 2023.

Preliminary findings by investigators revealed that the alleged fraud involved the manipulation of sales proceeds and electronic payment transactions. EFCC sources said the funds were reportedly diverted through multiple POS transactions, raising suspicions of collusion between the sales representative and the POS operator to siphon company revenues.

The anti-graft agency disclosed that internal audits conducted by the company flagged repeated shortfalls in expected remittances, prompting a deeper review of sales records and payment logs. These checks reportedly linked the missing funds to transactions handled by the two suspects over an extended period.

EFCC officials said the investigation is focused on establishing the full extent of the alleged diversion, identifying other possible accomplices and determining whether the funds were laundered through additional financial channels. The agency is also examining bank statements, POS transaction histories and other financial documents connected to the case.

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A source within the commission noted that the suspects are being questioned as part of ongoing investigations and may be charged to court upon the conclusion of the probe. The EFCC reiterated that the case remains under investigation and that further details will be made public as facts are established.

The commission used the opportunity to warn individuals and businesses against financial misconduct, stressing that acts of fraud, diversion of funds and abuse of trust will continue to attract thorough investigation and prosecution. It also advised companies to strengthen internal control mechanisms, including regular audits and transaction monitoring, to reduce exposure to financial crimes.

The EFCC reaffirmed its commitment to tackling economic and financial crimes across the country, particularly cases involving corporate fraud and electronic payment platforms, which have increasingly been exploited for illicit activities.