The Economic and Financial Crimes Commission (EFCC) has arrested a Cameroonian businessman, Bekono Eric, over an alleged N1.5 billion fraud involving a first-generation bank in Lagos.
- +EFCC arrests Cameroonian over alleged N1.5bn Bank fraud in Lagos
The anti-graft agency said in a statement on Friday that Mr Eric, 47, was arrested on Thursday in the Ikorodu area of Lagos over his alleged involvement in a cross-border syndicate linked to credit card fraud.
The anti-graft agency said in a statement on Friday that Mr Eric, 47, was arrested on Thursday in the Ikorodu area of Lagos over his alleged involvement in a cross-border syndicate linked to credit card fraud.
EFCC spokesperson Dele Oyewale said preliminary investigations showed the suspect was part of a transnational network that allegedly targets bank customers through fraudulent ATM card transactions.
According to the commission, members of the syndicate reportedly open bank accounts in Nigeria, obtain Automated Teller Machine (ATM) cards and their Personal Identification Numbers (PINs), before moving to neighbouring countries where the cards are allegedly used to carry out unauthorised transactions on accounts with high balances.
The commission stated that the scheme allegedly led to losses estimated at about N1.5 billion for the affected bank.
Mr Oyewale said the suspect would be charged in court upon the conclusion of investigations.
The EFCC did not name the affected bank or provide further details about how the alleged fraud was uncovered.
The arrest adds to recent efforts by the anti-corruption agency to crack down on cyber-enabled and cross-border financial crimes.
