EFCC operatives in Benin City arrested Olawole Sunday, a fraudster exploiting bank details for scams, following a detailed investigation.
According to their Twitter statement, Sunday enticed youths with ₦25,000-₦50,000 payments to open accounts, then stole their ATM cards for fraud.
Uyi Godstime Eghosa, a victim, unknowingly had his account used to defraud a petitioner of ₦2 million via fake forex trading.
Eghosa, initially arrested, confessed ignorance, admitting he sold his details for ₦25,000.
His disclosure led investigators to Sunday’s doorstep.
During interrogation, Sunday admitted guilt, revealing his methods. Authorities now prepare charges as the EFCC continues its probe.
The agency warns against sharing sensitive banking information, stressing it heightens legal risks and fuels Nigeria’s escalating financial crimes.
This arrest underscores EFCC’s resolve to combat fraud, urging public vigilance and prompt reporting of suspicious activities to authorities.
Financial scams exploiting vulnerable youth have surged, with many lured by quick cash into illegal schemes, worsening economic insecurity.
Eghosa’s case highlights how desperation and lack of awareness make individuals easy targets for sophisticated fraud networks.
Meanwhile, EFCC’s crackdown reflects broader efforts to dismantle syndicates preying on citizens’ trust and financial vulnerabilities.
Victims like Eghosa face not only financial loss but also legal battles, despite their claimed unawareness of crimes.
Advocates urge stronger financial literacy campaigns to educate youths on safeguarding their data and recognizing predatory offers.
The ₦2 million scam reveals how fraudsters manipulate legitimate platforms like forex trading to legitimize their illicit activities.
Public reaction has been mixed, with some praising EFCC’s actions while others demand faster justice for affected victims.
As investigations proceed, experts call for stricter regulations on account openings and harsher penalties to deter such crimes. Sunday’s operation, though disrupted, exposes systemic gaps in banking security that criminals exploit to defraud unsuspecting Nigerians.
The EFCC reiterates its commitment to protecting citizens, emphasizing collaboration with banks to track and block suspicious transactions swiftly.
For now, Sunday awaits trial, as victims seek restitution and a legal system capable of delivering timely justice.
Communities remain on edge, hoping this case sparks lasting reforms to shield vulnerable populations from predatory schemes.
Each arrest, while progress, reminds Nigerians of the collective effort needed to eradicate financial crimes.