The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) has arrested a 47-year-old Cameroonian businessman over alleged N1.5 billion bank fraud.

The commission confirmed the arrest in a statement posted on its official X handle, @officialEFCC, on Friday.

It said the suspect was apprehended on Thursday in the Ikorodu area during a coordinated operation.

According to the EFCC, the suspect belongs to a criminal network involved in fraudulent financial transactions across West African borders.

“The suspect is a member of a trans-border syndicate specialising in credit card fraud.

“Investigations revealed members open bank accounts in Nigeria and obtain ATM cards and Personal Identification Numbers.

“They then move to neighbouring countries and use the details to carry out unauthorised transactions on accounts with high balances,” the statement read.

The commission said the suspect would be charged to court after investigations are concluded.

It added that efforts were ongoing to track other members of the syndicate