Banker arrested for diverting customers N2.9m into Ponzi schemes

A banker in Ilorin has been arrested for diverting almost three million Naira belonging to a customers into ponzi scheme.

An Ilorin Magistrates’ Court on Tuesday remanded a 32-year-old banker, Oyeyemi Mashood, in prison for allegedly defrauding customers of N2,972,000.

Banker arrested for diverting customers’ N2.9m into Ponzi schemes lailasnews

The accused was tried on three counts of criminal breach of trust, cheating and misappropriation, to which he pleaded not guilty.

Earlier, the prosecutor, Insp. Mathew Ologbonsaye, told the court that the suspect diverted the customers’ deposits to MMM, Twinkas and Lupas Ponzi schemes, without the consent of the bank management or the customers.

Ologbonsaye said the suspect was arrested on May 9 following the report by the auditor of a new generation bank, Taiwo Branch, Ilorin, which showed that he diverted the customers’ money to his own use.

He said that the bank discovered the fraud as a result of complaints from the bank customers – Chioeze Ventures and Chijoke-Ife Noble – that their accounts did not reflect amounts deposited in the recent time.

The prosecutor said the offences contravened Sections 312, 322 and 309 of the Penal Code and urged the court to remand the accused in prison pending the outcome of investigation.

The Chief Magistrate, Kudirat Yahaya subsequently ordered that the accused be remanded at the Mondala Prison, Ilorin.

Yahaya then adjourned the case until June 5 for further mention.

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