The Delta police said it has arrested a 400-level student of the Department of Banking and Finance, Delta State University, Abraka, Ethiope West LGA, for faking his kidnap.
Nelson Eserada, a student, pretended to be kidnapped and demanded that his father pay a ransom of N5,200,000 to his accomplice, Jerry Lawrence, using Bitcoin.
The police said Jerry Lawrence, an accomplice in the crime, has been arrested.
Delta police commissioner, Abaniwonda Olufemi, in a signed statement by SP Edafe Bright, said the fraud victim was directed to pay the ransom through a Bitcoin account of his accomplice, Jerry Lawrence.
According to Abaniwonda, Nelson had earlier sent a video of himself tied and being tortured by his kidnappers.
He said the distressed father complained of the kidnap before the police in Abraka.
The police boss said the Abraka Divisional Police Station, headed by SP Fabian Ayameh led the investigations which led to the arrest of Jerry Lawrence whose Bitcoin account the first tranche of ransom was paid.
CP Abaniwonda Olufemi urged parents to be more committed to the upbringing of their children noting that such children become a problem to the parents and society.
He urged youths to stay away from get-rich-quick syndrome, noting that crime does not pay.