DSS Sues Access Bank, FCMB and Suspect Over N1.125bn Forex Fraud

The Department of State Services has filed a suit at the Federal High Court in Lagos against Access Bank, First City Monument Bank and an individual over an alleged N1.125bn forex scam. According to court filings, the suspect collected funds from a logistics firm under the promise of providing dollars at an agreed rate, then issued a fake telex and disappeared. The DSS is seeking court orders to reverse transfers made to banks in Taiwan and Singapore. An affidavit reveals that investigations traced parts of the funds through multiple accounts, even offshore. Both banks expressed willingness to cooperate but said they needed a court order before reversing the transactions. At the latest hearing, the suspect did not oppose the DSS application and agreed to return the money. The matter has been adjourned for further hearing.

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