South African authorities have arrested Nigerian national Nwachimere Collins Ofoegbu for allegedly leading a multi-million dollar fraud scheme targeting investors. Ofoegbu, 55, was arrested in Sandton and faces fraud and financial crime charges. Investigators traced R1.2 million in fraudulent transactions, linking him to a global money laundering syndicate.
South African authorities have arrested Nwachimere Collins Ofoegbu, a 55-year-old Nigerian national, for allegedly masterminding a sophisticated multi-million dollar fraud scheme targeting wealthy investors.
Ofoegbu was taken into custody in Sandton on February 10, 2025, following an extensive probe by the Hawks’ Serious Commercial Crime Unit. He appeared before the Randburg Magistrates Court on February 11 and faces charges including fraud, theft, and financial crimes under the Prevention of Organised Crime Act. His bail hearing is set for February 18 at Wynberg Magistrates Court.
Investigators allege that Ofoegbu and his accomplices posed as senior banking officials and government representatives to deceive high-net-worth individuals into fraudulent investment deals. A businessman reportedly lost R20 million (approximately USD 1 million) after being promised lucrative returns in South African financial markets.
During the arrest, authorities raided two luxury properties in Waterfall Estate and Waterfall Village, allegedly purchased with stolen funds. Investigators have already linked R1.2 million in fraudulent transactions directly to Ofoegbu. Additionally, financial records suggest the scheme used international bank accounts in South Africa, the UAE, the UK, and China to launder stolen money.
Authorities believe Ofoegbu was part of a global criminal syndicate and have launched a manhunt for his accomplice, who remains at large.
“This arrest is a major breakthrough in tackling organized financial crime,” said Brigadier Wendy Mashwabane of the Hawks. Authorities are urging the public to be cautious about unsolicited investment opportunities that promise unrealistically high returns.
