EFCC arrests Cameroonian for alleged N1.5bn 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 arrest in a statement posted on its official X handle, @officialEFCC, on Friday.

The EFCC. said the suspect was apprehended on Thursday in the Ikorodu area of the state during a coordinated operation.

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

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“The suspect is a member of a trans-border syndicate specialising in credit card fraud.

“Investigations revealed members open bank accounts in Nigeria and obtain ATM cards and Personal Identification Numbers.

“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 to court at the of the investigations.

It added that efforts to track other members of the syndicate are ongoing.

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