The Economic & Financial Crimes Commission has arrested the Managing Director of BainesCredit Microfinance Bank based in Ikoyi following a criminal complaint by Dr Segun Oyebolu, the Managing Director of QuickAir Networks Limited who had alleged that the bank committed the fraud between April and August of 2022.
The allegation is based on fraudulent manipulation of customer accounts, resulting in the stealing of well over N100M Naira from the customer’s account between April and August 2022.
According to the complainant, the bank manipulated his accounts and posted false overdraft payments in his account between the periods, which unfortunately led to the sudden collapse of the enterprise.
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According to the allegation, BainesCredit MD and a host of others including one Mr Williams who has since left the country perpetrated this fraud by posting fictitious loan deductions in his account between the periods causing it to lose continued capacity to service its numerous travel~agent customer’s around the country.
The bank simply started posting fictitious, inexistent overdraft payments into our account, affecting us from being able to service our customers. It was really sad that this same bank took us to court in 2023, claiming we were owing on a phantom loan that was never taken from them.
It is really sad that a Bank like BainesCredit MFB Limited will prosecute one of its biggest customers on a fake loan. The matter was subsequently dismissed by the same court as the bank failed completely to bring any proof of the existence of such a loan to the company.
