South African authorities have arrested a Nigerian man accused of orchestrating a complex fraud scheme that swindled millions of dollars from victims around the globe.
Nwachimere Collins Ofoegbu, 55, was apprehended on February 10, 2025, in Sandton after a thorough investigation led by the Hawks’ Serious Commercial Crime Unit.
Ofoegbu appeared in the Randburg Magistrates Court on February 11, where he faced serious charges, including fraud, theft, and violations of the Prevention of Organised Crime Act.
His case has been moved to the Wynberg Magistrates Court, where he will formally apply for bail on February 18.
The arrest follows an extensive probe into a fraud scheme that targeted high-net-worth individuals. Investigators claim that Ofoegbu impersonated banking executives and government officials to deceive victims.
The investigation began after a businessman reported losing R20 million (approximately $1 million USD) in a sophisticated investment scam.
“This arrest is a major breakthrough in our fight against complex financial crimes,” said Brigadier Wendy Mashwabane, Acting Provincial Head of the Gauteng Hawks.
“It’s clear that we’re dealing with well-organized criminal networks that operate across multiple continents.”
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The scheme’s sophistication was evident in its execution, with fraudsters arranging meetings in South Africa, the United Arab Emirates, and the United Kingdom.
Victims were enticed with promises of high returns from South African financial markets, while perpetrators posed as senior banking officials to gain trust.
During the arrest, authorities discovered two luxury properties in Waterfall Estate and Waterfall Village, believed to have been bought with proceeds from the fraudulent activities.
Investigators have already traced R1.2 million in stolen funds directly to Ofoegbu.
A second suspect linked to the scheme is still on the run, and authorities are continuing their investigation. The Hawks have urged the public to remain cautious when dealing with unsolicited investment opportunities.
“This case is a reminder that South Africa will not tolerate financial criminals,” said the Hawks.
“We are committed to tracking and prosecuting those who exploit vulnerable victims, no matter how sophisticated their methods are.”
