Fraud: How Polaris Bank Top Staff Stole N12.6 Million From Customer

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Further information on how Polaris Bank’s top staff forged a customer’s cheque-book and stole N12.6m has emerged.

The Lagos High Court has heard how a Polaris Bank Account Officer, Keshinro Babatunde, allegedly stole the sum of N12.6m from a customer’s account through forged request forms and cheques.

Brand Spur Nigeria gathered that the prosecution witness, David Areyo, who is a colleague of the defendant and also an employee of the bank, told the court that Babatunde transferred funds belonging to a bank customer by signing request forms and cheques pretending to have been authorized by the customer.

Babatunde is currently standing trial on a 9 count charge bothering on stealing, forgery, and fraudulent false accounting with a customer’s account.

The alleged offense contravened Sections 287, 365, 337, and 411 of the Criminal laws of Lagos state of Nigeria, No 11, 2015.

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However, testifying before the court, Areyo, who works at the internal audit department of the bank, narrated how the bank found out about the alleged criminal activities of their then staff.

While being led in evidence by the prosecutor for the Economic and Financial Crime Commission (EFCC), Rotimi Oyedepo, the witness said, “ Sometime last year 2020, we got an invite from EFCC to the head of internal audit requesting to come with the statement of account of one of our customer.

“Upon the request, the bank also carried out it own investigation looking into the involvement of the staff.

“We found some fund transfers. When we confronted the defendant, he told us that the customer instructed him to transfer those funds”.

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When asked if it was the procedure of the bank for staff to sign the instruction form or cheque on behalf of a customer, the witness replied “No my Lord! No staff has the right to sign a customer’s instruction or customer’s cheque”.

The Witness was further shown Exhibit C (Termination of Fix deposit) to affirm if after the bank investigation the document carried the signature of the customer.
In his response, the witness said, “our findings showed it was not the customer that signed the document

Meanwhile, the EFCC had alleged that Babatunde forged a Skye bank cheque No.47423262 dated 16/08/2018 in the sum of N340,000 and purported same to have been signed by one Kola Oseni.

The defendant, on or about the 14th of December 2016, while in the employment of Polaris bank plc falsified the account number and dishonestly converted the total sum of 10,000,000 naira property of Alh. Ganiyu Kola Oseni

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The matter was further adjourned July 30, 2021, for continuation of the trial at 12 noon.

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