The Lagos State Police Command has arrested a 41-year-old woman accused of defrauding about 30 individuals of an estimated N450 million through a failed land sale scheme.
The suspect was alleged to have collected money from prospective buyers after promising to allocate plots of land to them, but reportedly failed to fulfil the agreement.
The matter was reported at the Ebute-Ero Police Division on July 10, leading to an investigation and the eventual arrest of the suspect.
Following the complaint, the Lagos State Commissioner of Police, Fatai Tijani, ordered that the case be transferred to the State Criminal Investigation Department (SCID), Yaba, for further investigation.
A senior police source said the suspect, who is the chief executive officer of a company, allegedly received payments from several victims over a two-year period, claiming she would secure land for them in the South-East.
According to the source, each victim paid N9.45 million for the proposed property deals, but none of the promised land allocations were delivered.
“The suspect later abandoned her office and moved to an undisclosed location, making it difficult for the victims to contact her,” the source said.
The police source added that complaints received from multiple victims at the SCID indicated that the total amount allegedly collected by the suspect had risen to about N450 million.
Investigators also alleged that part of the money was used to construct a large hotel, though details about the location of the property have not been made public.
The case is being handled by the anti-fraud unit of the SCID under the supervision of the Deputy Commissioner of Police in charge of the department, Dayo Akinbisehin.
The suspect is said to be cooperating with detectives and has provided statements during questioning.
Police said she would be charged to court after the completion of the investigation, while members of the public were advised to verify land documents, company records and developers’ credibility before making real estate payments.