ALLEGED N78.2M FRAUD: EFCC DRAGS FAKE FOREX OPERATOR BEFORE ONITSHA COURT

By Prince Uwalaka Chimaroke
04–MAY–2026

The fight against financial crimes recorded another significant development as the Economic and Financial Crimes Commission (EFCC), through its Enugu Zonal Directorate, arraigned a suspected fraudulent Bureau De Change operator before the Anambra State High Court sitting in Onitsha.

The defendant, identified as Okeke Ejike Callistus, was brought before Justice D. A. Onyefulu on a ten-count charge bordering on alleged forgery and financial misappropriation amounting to over N78.2 million. He was accused of operating under a business alias, through which the alleged fraudulent transactions were carried out.

According to details presented in court, the prosecution alleged that the accused fraudulently converted large sums of money entrusted to him for legitimate business purposes into personal use. A major part of the case centers on funds reportedly handed over to him for transfer to an overseas business partner, which were allegedly diverted.

The charges further revealed that the transactions occurred within a short period in May 2024, with the complainant accusing the defendant of failing to remit the full amount as agreed. Instead, partial payments were allegedly made, while fabricated financial documents were issued to cover the outstanding balance.

Investigations reportedly uncovered that the financial documents presented—purportedly linked to a foreign bank—were not authentic, raising serious concerns about deliberate deception and forgery. This discovery became a key element in the prosecution’s case against the defendant.

Upon arraignment, the accused pleaded not guilty to all counts, prompting the prosecution to request a trial date and his remand in custody pending the determination of the case. The EFCC counsel argued that there was a risk of the defendant evading trial, citing previous conduct.

However, the defence counsel urged the court to grant bail, referencing a pending application and appealing for leniency. After considering arguments from both sides, the presiding judge granted the defendant bail under strict conditions, including a N50 million bond and two qualified sureties with verifiable credentials.

The court also stipulated that the sureties must meet specific legal and identification requirements, ensuring accountability within the judicial process. The case has been adjourned for further proceedings as the court prepares to examine the substantive issues raised.

Written By: Ihuoma Joshua C (Obinwannem News correspondent, Imo State)
Date: May 6, 2026
Ubochi Nkwo Ikuku.
Published by Mazi Ugwu Okechukwu (Director Obinwannem Media)