The Economic and Financial Crimes Commission (EFCC) has arrested a 38-year-old man, Raheem Wasiu, over allegations that he defrauded Bureau de Change (BDC) operators of a combined $12,000 through fake bank transfer alerts.

According to the EFCC, Wasiu allegedly presented himself as a wealthy contractor and rented Toyota Hilux trucks, sometimes moving with escorts, to create an impression of affluence.

The commission said he travelled across the South-East and Akwa Ibom State, targeting BDC operators and allegedly collecting dollars from them after displaying fake naira payment alerts.

The suspect was initially arrested by operatives of the Nigeria Security and Civil Defence Corps (NSCDC) following a petition by a BDC operator, Stanley Ezekulie, who accused him of defrauding him of $5,000.

BDC Operator Narrates How He Lost $5,000

Ezekulie reportedly told investigators that Wasiu collected the dollars after asking for his bank details and allegedly showing that a transfer had been made.

However, the expected credit alert did not arrive.

“The next thing he told me was that it had gone through, which I waited for the alert to come, to no avail.”

Ezekulie said Wasiu later attributed the delay to network problems and asked him to leave, but allegedly became unreachable afterwards.

Another Victim Allegedly Loses $7,000

The EFCC also identified another petitioner, Nwaoha Ubaferem, a BDC operator in Owerri, Imo State, who allegedly lost $7,000 through the same method.

Ubaferem reportedly said he initially had $2,600 and contacted his office to bring another $4,400 to complete the $7,000 requested by Wasiu.

After collecting the money, Wasiu allegedly claimed that the naira transfer had been completed, but Ubaferem said he continued waiting for an alert that never came.

EFCC Recovers Hilux, Phones, ATM Cards, Other Items

The anti-graft agency said its investigation uncovered evidence suggesting that Wasiu had allegedly used the same method against other BDC operators across the South-East and Akwa Ibom.

Items reportedly recovered from him include a Toyota Hilux truck, ATM cards from various banks, bank transfer tokens and a digital National Identification Number slip bearing the name Sunday Abiodun.

Other recovered items include two complimentary cards bearing the name Engineer Abiodun, a designer bag, an iPhone 17 Pro Max, Samsung phone, 4G pocket MiFi, Patek Philippe wristwatch, vehicle documents, a gold bangle and a pair of shoes.