N50.3m fraud; Police Arrests Cashcow Micro Finance Bank’s Chairman

The former chairman of Cashcow Microfinance Bank Limited, Igbosere, Lagos, Dr. Wale Adeduro, who has eluded the police for over two years, has been arrested by the men of the Nigeria Police  Force  from the Special Fraud Unit,of the Force Milverton Road, Ikoyi, on the directive of the Inspector General of Police (IGP).

Dr. Adeduro’s arrest was sequel to a petition written by the Micro finance bank to the IGP accusing the former Chairman of the bank of N50,389,000.09.fraud.

The accused Former Chairman who has remained elusive and at large in concert with the former Managing Director and two Directors of the bank were accused of stealing and diversion of customers and depositors funds at Cashcow Microfinance Bank between 2010 and 2015.

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In the Petition, the accused Chairman was alleged to have  diverted the funds  to his personal use and also used the depositors funds to acquire a Bureau de Change Company BDC, namef Stillwater Limited and Traded Forex with deposited funds through the BDC – Stillwater Limited.

The three alleged co- conspirators of the Chairman are: the former Managing Director Titilayo Adesanya, Former Manager Kemi Adebayo and a Director of the bank Olufemi Tinuoye, who are currently facing criminal trial before Yaba Chief Magistrate Court, Lagos for conspiracy and stealing.

They were arraigned before the court on September 24, 2015, in the absence of the accused runner way Chairman of the bank.

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The arrested Cashcow Microfinance Bank Chairman

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