We scout for obituaries of rich people to steal the money in their bank accounts — Suspects .

Operatives of the Rapid Response Squad (RRS) last week botched the transfer of N25 million from a locally based bank account and a $220,000 from an international account with the arrest of a 7-man fraud syndicate based in Lagos.

The arrest of the gang leader, Osita Nwafor, alias Ossy, 45, facilitated the arrest of six other members; Nwogu Joseph Chika (36), Anthony Odama (43), Ikechukwu Nkem (32), James Okonkwo (51), Adedio Paulinus (29) and Ogundepo Olufemi (51).

The prompt arrest of the gang first voided a fraudulent transaction of N3 million that had been perfected by the syndicate through a cloned SIM card.

Police investigation revealed that the suspects work with bank insiders locally and internationally. They also scout for obituaries of well to do members of the public, use bank insiders to determine the deceased account balance, clone their SIM cards for online transfer.

It was learnt that one of the bank insiders was arrested in Lagos while another one based in Benin is on the run after suspecting the gang has been busted and that police are on his trail.

Nwafor disclosed that Nwogu was working on the transfer of $220,000 fresh transaction from a foreign bank before he was arrested.

Another member of the syndicate, Femi Ogundepo, it was revealed, was also working on a fraudulent transaction of N25 million from an old generation bank with an insider connivance.

James Okonkwo, it was disclosed, allegedly cornered N8 million fraudulent proceed of the gang shortly before his arrest. This, it was learnt, was the cause of a serious dispute between Nwafor and Okonkwo.