Police Arrest First Bank Manager, Adeniyi Talabi, Over Alleged N650.8m Fraud

The Osun State Police Command has arrested one Adeniyi Talabi, a manager at one of the First Bank branches in Osogbo, for allegedly embezzling N650.8 million from 35 customers. The command’s spokesperson, Yemisi Opalola, detailed that Talabi executed the fraud through false pretenses and an illicit transaction method known as “proof of funds.”

Opalola confirmed that Talabi had been suspended by First Bank and that the investigation is ongoing. Upon completion of the investigation, Talabi and his accomplices will face charges in court.

The official statement from the police read: “The Osun State Police Command, in its efforts to eliminate criminal activities, has arrested Adeniyi Sunday Talabi, 47, a resident of Army Barracks Area, Kelebe, Iragbiji Road, Osogbo. Talabi, a former manager at one of the First Bank PLC branches in Osogbo, is accused of fraud, obtaining money under false pretenses (OBT), conversion, and stealing a total of N650,850,000 through an illegal product known as ‘proof of funds,’ involving 35 victims.”

The statement also highlighted that Talabi had been suspended by First Bank Nigeria Plc and reassured residents of the command’s dedication to eradicating crime in the state. Commissioner of Police, Mohammed Umar, reiterated the commitment to making Osun State inhospitable to criminals.


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