The junior colleague, who was of the funds transfer department, moved the money at his boss’ behest.
The transaction was executed through the Nigeria Inter Bank Settlement System.
It was learnt that the transaction almost pulled through until the suspects attempted to move N10million out of the amount to another account.
Police sources said the fraud was noticed because the receiving account had not done that volume of transaction, hence the receiving bank raised the alarm.
The suspects, Ndubuisi Onyido, who is the branch manager and his junior colleague, Amadi Jephter, are being detained at the SFU.
The Commissioner of Police in charge of SFU, Moses Saba, who confirmed the arrest, said the money has been recovered.
He said the suspects confessed that they used forged documents to open the account at the bank.
Saba said over N37 million was illegally transferred to the account of Suzjeph Global Concept Limited in a new generation bank.
He said investigations revealed that Suzjeph Global Concept Limited belongs to Jephter.
Onyido instructed Jephter to transfer 10million into his company account, First Virgin Investment Limited.
But before this could pull through, the scam blew open.
Onyido said the suspects would soon be charged to court.
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