Lagos: The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) has arrested a 47-year-old Cameroonian businessman over an alleged N1.5 billion bank fraud.
The commission confirmed the arrest in a statement posted on its official X handle, @officialEFCC, on Friday.
It said the suspect was apprehended on Thursday in the Ikorodu area during a coordinated operation.
According to the EFCC, the suspect is part of a criminal network involved in fraudulent financial transactions across West African borders.
“The suspect is a member of a trans-border syndicate specialising in credit card fraud.
Investigations revealed that members of the syndicate opened multiple bank accounts in Nigeria, acquired ATM cards and Personal Identification Numbers, and then travelled to neighbouring countries, where they used these banking details to access and transfer funds from targeted accounts with high balances without authorisation.
“They then move to neighbouring countries and use the details to carry out unauthorised transactions on accounts with high balances,” the statement read.
The commission said the suspect would be charged in court after the investigation concludes.
Efforts continue to track other syndicate members.
