At least 125 business owners operating in major Lagos markets have been identified as potential victims of suspected fraud syndicates, according to the Lagos State Police Command.

The police said the syndicates studied successful traders, identified the commodities they sold and devised schemes to lure them with seemingly lucrative business deals. In some cases, the victims were reportedly kidnapped and held until ransom was paid.

One victim, a tyre merchant, was allegedly lured to the Aiyetoro-Itele area of Ogun State, where he was held captive and released after about N24 million was paid as ransom.

The development followed the arrest of seven suspected members of two fraud syndicates by operatives of the Anti-Kidnapping Unit of the Lagos State Police Command, led by CSP Sunday Cirman. Three suspects were arrested after a cloth seller was lured to Ayobo, Lagos, leading investigators to discover a list containing more than 125 targeted business operators.

A police source said the groups targeted traders and prospective investors, often disguising their operations as legitimate business deals.

One of the suspects, 61-year-old Patrick Nwankwo, said members of his group identified businessmen in markets including Oshodi, Arena, Idumota and Alaba Trade Fair, before deceiving them into supplying commodities such as bicycle spare parts.

Another suspect, 60-year-old Emeka Obi, said he joined the syndicate after losing N400,000 to fraudsters in 1990. He admitted allowing members to use his office for their operations in exchange for 10 per cent of their proceeds.

Other suspects, including 47-year-old Charles Okeke and 53-year-old Emmanuel Ekenta, also attributed their involvement in fraud to financial hardship and experiences of being defrauded themselves.