The Economic and Financial Crimes Commission (EFCC) arrested Ladeji Kelvin Babatunde in Lagos, according to a statement released on Thursday, August 26, 2021.
The agency said the suspect pretended to be one of its agents to fool the suspected cybercriminals.
A timeline of his crime was not provided, but he allegedly used the N38 million loot to develop a four-bedroom uncompleted apartment located at Ikola Road, Alagbado, Lagos.
The property was recovered from him by the EFCC, and the suspect will be arraigned soon.
The anti-graft agency did not provide details on the fate of the suspected fraudsters that Babatunde duped.