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Police nab micro finance bank staff over N3m fraud

By Evelyn Usman
The Special Fraud Unit (SFU), of the Force Criminal Investigation Department, located in  Milverton Ikoyi, Lagos, yesterday attributed cases of fraud in financial institutions to connivance of some of the bank staff, following increasing number of arrest of bank officials, at the managerial and non managerial levels.

The latest arrest by the Unit is that of a 26-year-old staff of a micro finance bank who allegedly syphoned N3 million from a customer’s account into her private account.

The suspect identified as Kemi Yisau, who claimed to be a 400-level part time student of the Lagos State University, LASU, confessed to have perpetrated the act between January and November 2009 before the bubble burst.

Commissioner of Police in-charge of the Unit, Mr Moses Saba, in an interactive section, said 2,458 cases of fraud were reported between January and December 2009 of which 1,136 were still under investigation.

The unit, according to Saba, made some starling discoveries during investigation, one of which was that most land titled documents tendered to banks for loans and other facilities were found to be cloned, faulting the banks for not taking further steps to ascertaining the authenticity of such documents.

The on-going reforms in the banking system, he said, led to the discovery of such fraudulent activities in the financial institutions, maintaining that the unit was undaunted in its determination to carve a role model status for itself in the field of fraud prevention and detection.

In the period under review, he said 157 cases were charged to court of which four were discharged, 101 still awaiting trial and 52 convicted.


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