Alleged N423m Fraud: EFCC Arraigns Ex-Polaris Bank Staff in Lagos

Court

By JUMOKE SANNI

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Thursday, July 31, 2025, arraigned one Abiodun Maccarthy before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos,

He was arraigned on a four-count charge bordering on stealing and forgery to the tune of N423, 000, 000.00 (Four Hundred and Twenty Three Million Naira, ) an offence contrary to Section 278 and 361 (1) of the Criminal Law of Lagos State 2011.

Count one reads: “ABIODUN MACCARTHY, sometime in 2018 at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of N423, 000, 000.00 (Four Hundred and Twenty-Three Million Naira only), money which forms part of N650,000.000 (Six Hundred and Fifty Million Naira) paid to you by Great Endurance Bureau De Change for fixed deposit investment with Polaris bank, while you were in their employ”.

Count two reads : “ABIODUN MACCARTHY, sometime in 2018 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, forged a Polaris Bank Plc fixed deposit investment certificate with slip no. 332540 and issued same to Great Endurance Bureau De Change as evidence of investment”.

He pleaded “not guilty” to the charge preferred against him.

In view of his plea, prosecution counsel, B. M. Isah, asked the court for a trial date and also prayed the court to order the remand of the defendant in a Correctional Centre.

Consequently. Justice Dada adjourned the case till October 22, 2025 and also ordered the remand of the defendant in a Correctional Centre.