EFCC Returns Recovered N114m to Microfinance Bank After Cyber Fraud

The Economic and Financial Crimes Commission (EFCC) has handed over N114 million recovered from a cyber fraud case to a microfinance bank whose customer account was allegedly compromised by fraudsters.

According to a statement shared by the anti-graft agency on its official X account, the Acting Zonal Director of the EFCC’s Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad, presented a bank draft for the recovered sum to Samuel Ikechukwu, a senior official of the affected financial institution.

The recovery followed a petition submitted by the bank in August 2024 after one of its customers’ accounts was reportedly hacked, leading to unauthorised withdrawals.

The EFCC disclosed that its investigation traced the stolen funds to several suspects believed to have participated in the fraudulent scheme.

According to the commission, one of the suspects, Obumneme Bright, was arrested during the investigation, leading to the recovery of the N114 million.

“Investigators traced the stolen funds to several suspects, including Obumneme Bright, who was arrested. Upon his arrest, the commission recovered N114 million from him,” the EFCC stated.

The commission added that efforts to apprehend other suspects linked to the fraud are still ongoing.

The recovered funds were subsequently returned to the microfinance bank as part of the EFCC’s efforts to ensure victims of financial crimes obtain restitution and to strengthen confidence in the nation’s financial system.

The agency reaffirmed its commitment to combating cybercrime and pursuing individuals involved in financial fraud across the country.

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