Lagos State Police Command has arrested a former banker, Seye Onigbinde for allegedly defrauding 354 Nigerians of over N500m in illegal foreign exchange deals.

It was reported that Onigbinde operates under the business name, Blueprint Business and Consulting, and he convinced over 354 Nigerians to invest in his foreign exchange business after successfully helping the first set of investors to make returns on their investments.

Onigbinde, who had been operating without the requisite licence, was said to have promised his investors extraordinary profits, but when the investment went bad, he allegedly made attempts to abscond with the victims’ money.

He, however, was tracked and arrested by detectives led by the Area Commander, Area ‘F’, ACP Akinbayo Olasoji, through his yet-to-be-identified wife, who had threatened to run to America with their only child when she discovered the husband’s illegal dealings.

When contacted, the state Police Public Relations Officer, Bala Elkana, said Onigbinde had been arrested, adding that he had been charged with the crime.

“Investigation so far has revealed that Seye Onigbinde collected a total sum of N574,251,261,01, from 354 individuals, from which he claimed to have paid principal and interest to the tune of N482,311.350,89, leaving an outstanding sum of N233,454,755,76.