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Police investigate 600 cases in one year

21 June 2013, 13:11

Lagos - The Commissioner of Police, Special Fraud Unit (SFU), Mr Tunde Ogunsakin, has disclosed that the unit had investigated 600 fraud cases and recovered undisclosed amount of money in the last one year.

Ogunsakin made the disclosure on Thursday in an interactive session with newsmen to herald a five-day workshop for his officials and employees of some financial institutions.

He said that the workshop, which would be held from July 1 to July 5, has as its theme: "Corporate Fraud: Insider abuse in financial institution and the implication on developing economy’’.

The commissioner added that the workshop was part of the collaborative efforts of the Nigeria Police and City of London Police to combat financial crime in Nigeria.

Ogunsakin said that the SFU had made a remarkable achievement in the last one year through recovery of proceeds of fraud running into billions of naira.

He said that the new method used in carrying out investigation had added an advantage in the recovery of illicit funds by the law enforcement agencies.

"Challenges facing the unit in handling bank fraud include lack of well equipped forensic laboratories, data base record of criminals, inadequate legislation, high cost of  investigations,  inadequate working tools, inadequate collaboration with private sector and inadequate international collaborative framework, among others,’’ he said.

The commission said that the workshop would also assist financial institutions to explore ways of reinforcing their ability to be effective gate keepers against fraud.

"The programme is expected to sign post global witness into the role of financial institutions in facilitating corruption and how they can fight corruption,’’ he noted.

The News Agency of Nigeria (NAN) reports participants expected at the workshop include officials of the SFU, banks, EFCC and ICPC.

-  NAN

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