Man Remanded Over Bank Fraud - P.M. News

Man Remanded Over Bank Fraud


Seyi Oloyede George, 41-year old, who defrauds banks after opening accounts with them has been remanded in prison.

The suspect was arrested by the police at Lion Building Division, Campbell Street, Lagos Island, Lagos State, southwest Nigeria and arraigned before a Tinubu magistrate’s court on a four-count charge of felony to wit, forgery and stealing.

The police alleged in the charge sheet that the accused was arrested following a complaint lodged by the management of a new generation bank that the accused between April and June, this year defrauded them of N2,640,000 and escaped.

Investigation by the police revealed that George of no fixed address, on 25 April, 2012 opened an account with the Iyana Ipaja branch of the bank with N2,000 with forged driver’s licence purposely to defraud them.

On 22 June, same year, about N2.5 million entered into the account in the morning through fraudulent act and in the evening of the same day, another N2.1 million was also lodged into the account.

The police further alleged that on 22 and 25 June, 2012, the accused and others now at large, withdrew the sum of N140,000 and N2.5 million from the N4.9m lodged in the account. But immediately, a vigilant staff of the bank discovered the fraud and quickly blocked the account and placed the owners on alert.

He was later arrested after two months by the police team led by Inspector Elegbede at a beer parlour in Shagari Estate, Ipaja, Lagos, following a tip-off.

During interrogation, the accused allegedly confessed to the crime, stating that he is a member of a syndicate that defrauds banks.

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“My duty is to open an account with any bank and thereafter surrender the account and the ATM pin number to my boss for necessary action and I would be paid 10 per cent of any money that enters into the account.

“I have been in the business for years without problems and have been living from one hotel to another in Lagos and Port Harcourt.

“But I am surprised how the bank officials detected the transactions as I have never been arrested before because what we are made to believe is that insurance company usually pay bankers for missing money,” he stated.

The accused did not mention other members of the group.

The offences committed by the accused, Inspector Okoye Chidi stated are contrary to and punishable under Sections 409, 360(a), 285(9) (C) of the criminal law of Lagos State of Nigeria, 2011.

The accused pleaded not guilty to the charges when they were read to him and Magistrate Mrs. A. O. Adedayo adjourned the matter till 5 September 2012 for ruling on a written bail application of the accused.

—Paul Iyoghojie