A former employees of Polaris Bank recognized as Abiodun Maccarthy has been arraigned earlier than Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos for defrauding a buyer of the sum of N423, 000, 000.00 whereas he was working with the {bank}.
Maccarthy was arraigned by the Economic and Financial Crimes Commission, EFCC, on Thursday, July 31, 2025 on a four-count cost bordering on stealing and forgery to the tune of N423 million, an offence opposite to Section 278 and 361 (1) of the Criminal Law of Lagos State 2011, Dele Oyewale, the spokesperson for the anti-graft company mentioned in an announcement.
According to the EFCC, Maccarthy transformed N423m out of N650 paid by a buyer, Great Endurance Bureau De Change for mounted deposit funding with Polaris {bank} for his personal private use when he was a employees of the {bank} in 2018.
To cowl up the fraud, EFCC alleged that Maccarthy cast a Polaris Bank Plc mounted deposit funding certificates with slip no. 332540 and issued similar to Great Endurance Bureau De Change as proof of funding.
Count one reads: “ABIODUN MACCARTHY, sometime in 2018 at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of N423, 000, 000.00 (Four Hundred and Twenty-Three Million Naira only), money which forms part of N650,000.000 (Six Hundred and Fifty Million Naira) paid to you by Great Endurance Bureau De Change for fixed deposit investment with Polaris bank, while you were in their employ”.
Count two reads : “ABIODUN MACCARTHY, sometime in 2018 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, forged a Polaris Bank Plc fixed deposit investment certificate with slip no. 332540 and issued same to Great Endurance Bureau De Change as evidence of investment”.
He pleaded “not guilty” to the cost most popular towards him.
In view of his plea, prosecution counsel, B. M. Isah, requested the court docket for a trial date and in addition prayed the court docket to order the remand of the defendant in a Correctional Centre.
Consequently. Justice Dada adjourned the case until October 22, 2025 and in addition ordered the remand of the defendant in a Correctional Centre.
