Lagos banker and seven others arraigned over alleged N710m fraud

Summary

The Police Special Fraud Unit in Lagos has arraigned eight defendants before the Federal High Court over an alleged N710 million proof-of-funds fraud.

Highlights

• Police said the case followed a petition over the alleged disbursement of N710 million under Post-No-Debit restrictions across eight accounts.
• The defendants were arraigned on a 12-count charge.
• The police said a banker identified as a Senior Relationship Officer allegedly conspired with another defendant to obtain other people’s details for accounts linked to the case.
• Investigators also traced suspected proceeds to vehicles, a plot of land in Lagos and other assets, according to the police.
• The police said part of the suspected funds was used for personal expenses, gambling, trading and a spa and beauty business.