EFCC arrests Cameroonian over alleged N1.5 billion fraud

The Economic and Financial Crimes Commission (EFCC) has arrested a 47-year-old Cameroonian businessman over alleged N1.5 billion bank fraud in Lagos.

The commission confirmed the arrests in a statement posted on its official X account, @officialEFCC, on Friday.

EFCC. said the suspect was arrested on Thursday in Ikorodu area of ​​the state in a coordinated operation.

According to the anti-graft agency, the suspect was part of a criminal network involved in fraudulent financial transactions across West African borders.

READ ALSO:EFCC arrests former Skye Bank chairman, Tunde Ayeni, over alleged N36 billion, $30 million fraud

“The suspect is a member of a cross-border syndicate that specializes in dealing with credit card fraud.

“Investigations revealed members opened bank accounts in Nigeria and obtained ATM cards and Personal Identification Numbers.

“They then moved to neighboring countries and used his details to carry out unauthorized transactions on accounts with high balances,” the statement read.

The commission said the suspect would be charged to court at the investigation stage.

He added that efforts to trace other members of the syndicate were ongoing.