The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) has arrested a 47-year-old Cameroonian businessman in connection with an alleged N1.5 billion bank fraud.
The commission confirmed the arrest in a statement posted on its official X handle, @officialEFCC, on Friday. The suspect was apprehended on Thursday in the Ikorodu area of Lagos during a coordinated operation.
According to the EFCC, the suspect is a member of a criminal network involved in fraudulent financial transactions spanning West African borders.
“The suspect is a member of a trans-border syndicate specialising in credit card fraud,” the statement read.
“Investigations revealed that members open bank accounts in Nigeria and obtain ATM cards and Personal Identification Numbers (PINs). They then travel to neighbouring countries and use the details to carry out unauthorised transactions on accounts with high balances.”
The commission said the suspect would be charged to court upon completion of investigations. Efforts are ongoing to track other members of the syndicate, the EFCC added.