A notorious fraudster who wanted to divert funds meant for the Obanliku Local Government Area of Cross River State, Happy Eguakun, and an official of Ecobank Nigeria Plc, Hillary Ejechi, have been arrested by the Lagos State Police Command.

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The fund running into millions of naira, according to the police, was meant for a project fund in the local government area and was allegedly deposited into an account number domiciled in the bank, with Obanliku Local Government Project as the account name.

It was gathered that the council had earlier alerted the Cross River Police Command after receiving a tip-off on an imminent fraud on the account and the command reportedly sent a signal, including details of the suspect to its Lagos counterpart in respect of the complaint lodged by the council.

The police said that the 42-year-old Eguakun, a Computer Science graduate, had forged a document and went to the Ecobank branch at Tafawa Balewa Square, Lagos, on the pretext that he worked with the council and was a signatory to the account.

Before then, Eguakun, an indigene of Delta State, had allegedly met with the 27-year-old Ejechi who works with the branch, in July, 2016, to perfect the fraud but in the process, a police team from the Ikoyi Division, led by one Sergeant Damian Ojuinyi, stormed the bank and arrested the duo.

The suspects, who reportedly planned the fraud with other persons at large, were subsequently brought before an Igbosere Magistrate’s Court on five counts bordering on forgery, impersonation and unlawful possession.

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When the charges were read to the accused, they pleaded not guilty and the presiding magistrate, Mrs. O.M. Ajayi, granted them bail in the sum of N250,000 each with two sureties each in like sum, and adjourned the case till August 16, 2016.