CBN Takes Swift Action Following Polaris Bank Staff's Arrest Over N16.6 Billion Fraud
In a significant development, a Federal High Court FHC in Abuja has remanded Mr. Chinenye Duru, a Polaris Bank staff and account officer linked to Mr. Victor Onukogu, in a correctional facility over an alleged N16.6 billion fraud. The court's decision comes after Duru pleaded not guilty to the 11-count charge brought against him by the office of the Inspector-General IG of Police.
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The charges, marked: FHC/ABJ/CR/603/2023, list Polaris Bank Plc and Duru as the 1st and 2nd defendants, with allegations including fraudulent withdrawals from Onukogu Victor Hezekiah's accounts. The court heard that the accused withdrew N16 billion and N500 million from the accounts between Nov. 17, 2017, and Aug 14, 2023, without authorization, with the intention of converting the funds for personal use, a violation of the Money Laundering Prevention and Prohibition Act.
Justice Inyang Ekwo ordered Duru's remand in a correctional center following his arraignment. The court also announced that the Central Bank of Nigeria CBN would freeze Polaris Bank's account in connection to the alleged fraud.
The court proceedings were marked by a clash between the defense and the prosecution, with Duru's lawyer, Chukwuemeka Kalu, alleging contempt of court and non-compliance with a previous court order. The judge, however, maintained that the focus should be on the charges at hand and urged the defense to follow due legal process for any objections.
Justice Ekwo set the trial date for April 23, April 24, and April 25, with a directive for Duru's remand pending further court orders. The judge also indicated that a date would be given for a bail application if filed by the defense.
The unfolding situation sheds light on the alleged fraudulent activities involving Polaris Bank and emphasizes the regulatory response from the Central Bank of Nigeria to safeguard financial integrity. Further developments are anticipated as the trial progresses.
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