South African authorities have arrested a Nigerian man accused of orchestrating a sophisticated fraud scheme that defrauded victims of millions worldwide.
Nwachimere Collins Ofoegbu, 55, was taken into custody in Sandton on February 10, 2025, after an extensive investigation by the Hawks’ Serious Commercial Crime Unit.
He appeared in the Randburg Magistrates Court on February 11, facing charges of fraud, theft, and violations of the Prevention of Organised Crime Act. His case has been transferred to the Wynberg Magistrates Court for a formal bail application on February 18.
According to investigators, Ofoegbu allegedly masterminded an elaborate scam targeting high-net-worth individuals by impersonating banking executives and government officials. The investigation began after a wealthy businessman reported losing over R20 million (approximately $1 million USD) in an investment fraud scheme.
“This arrest is a major victory in our fight against sophisticated financial crimes,” said Brigadier Wendy Mashwabane, Acting Provincial Head of the Gauteng Hawks. “The complexity of this operation shows we are dealing with highly organised criminal networks operating across multiple continents.”
The scheme involved fraudsters setting up meetings across South Africa, the UAE, and the UK, convincing victims to invest in South African financial markets. Posing as senior banking officials, they established credibility before defrauding their targets.
Authorities seized two luxury properties in Waterfall Estate and Waterfall Village linked to Ofoegbu, suspected to have been bought with criminal proceeds. Investigators have already traced R1.2 million in fraudulent transactions directly to him.
The investigation uncovered a network of international bank accounts used to launder funds, including accounts at First National Bank, Bank of China, and various London financial institutions. A second suspect remains at large, with authorities actively pursuing leads.
The Hawks have warned the public to be cautious with unsolicited investment opportunities promising unusually high returns.
“This case sends a clear message: South Africa will not be a safe haven for financial criminals. We have the capability and determination to track down and prosecute those who prey on unsuspecting victims, no matter how sophisticated their schemes are,” authorities stated.
