The suspect had promised the victims that he was going to transfer the Naira equivalent of the money into the their bank accounts. This later turned to be false.
Sayad, who owns an office at Idowu Taylor Street, Victoria Island, reportedly absconded with the amount, after the victims submitted it to him for conversion to Naira.
He had declared to the businessmen that he was going to the bank to transfer the money to their respective accounts.
Having waited for Aly Sayad for hours, the men decided to begin a search which lasted for seven hours, yet they could not find the suspect.
The incident was confirmed by a police source, who revealed details of the matter to Punch Metro.
He said, “The three men actually met at the Lebanese man’s office where they gave him money totalling $487,700 which they wanted to change to naira.”
“He told them to wait for him that he would be going to the bank to deposit the dollars and transfer the naira equivalent into their bank accounts.”
“The three businessmen waited until banking hours were almost over. They decided to go and check him around 3pm, but they didn’t find him in the bank. After checking at other places without result, they reported the matter to the police.”
Also confirming the incident was the Police Public Relations Officer, SP Dolapo Badmos, who claimed that the police are on the trail of the suspect.
She expressed confidence that he will be found.