Ondo man arrested for ‘defrauding’ cooperative society of N55m

By Muftau Ogunyemi

A 52 year-old man, Eniaye Olorunfemi, has been arrested for allegedly fraudulently obtaining the sum of N55 million from Igbeyinadun Multipurpose Cooperative Society, Akure, Ondo State.

Olorunfemi collected the money in June 2025 under the pretext of purchasing a tipper truck on behalf of the cooperative society, Ondo police command spokesperson, DSP Abayomi Jimoh said in a statement on Saturday.

The Ondo police spokesperson said Olorunfemi was arrested on Jan. 30 by operatives of the Anti-Kidnapping Section of the Police Command in Ondo State, following an approved petition received by the command from Igbeyinadun Multipurpose Cooperative Society.

“However, after the truck was handed over to him, the suspect allegedly absconded and refused to report back to the society, thereby prompting the petition to the police.

“Acting on credible intelligence, police operatives tracked down and arrested the suspect. The tipper truck was successfully recovered and has since been handed over to the cooperative society.

“The suspect is currently in police custody and has made useful statements, while investigation continues.

He will be charged to court upon the conclusion of investigation,” he said.

Jimoh also said Ondo Commissioner of Police (CP), Adebowale Lawal, advised cooperative societies and individuals to exercise heightened caution in their financial dealings.

“Cooperative societies or individuals need to ensuring that thorough due diligence is carried out on the background and credibility of prospective members and business partners.

“Proper background checks and verification processes are essential to prevent fraud, financial loss, and other related crimes.

“The CP further encourages the public to promptly report any suspicious transactions or activities to the police.

He noted that early reporting greatly enhances timely intervention and effective investigation,” he said.

(NAN)