Monumental Banking Fraud: FCMB Exposed in Diversion of over 1 Billion Naira of Customer’s Funds

Is it true that the”evil men do lives after them?” Well the brazen conduct of this Monumental banking fraud has finally caught up with it! FCMB, one of the numerous new generation banks has been found wanting. Apparently Zumax Nigeria Limited has caught FCMB dipping its fat hands into its small Jar. Zumax Nigeria Limited took some time out of no time to look into the books of the Bank in question and compare it with its own. Reiterating that Financial Book Keeping is essential, either individual or corporate body, keeping your books can save you from heartaches. Here are few excerpts from the Hearing which was held both in Federal and Lagos High Courts. During the course of the hearing FCMB’s own documents have exposed self of diverting ₦250 million from its customer’s account, and then having done this; had the brazen cheek to complain to the customer that it was an overdrawn by more than the agreed limit of ₦200 million, charged extortionate interest in excess of ₦69 million on the resulting overdraft (all of the ₦69 million in interest was accrued in under a year), further debited the customer over ₦113 million in bogus charges arising from unauthorised and illegal Bankers Acceptance instruments initiated by the bank and then not content with this; Placed the customer in receivership when the customer disputed the bank’s demands that the customer should “repay” over ₦465 million! http://perfectbrandsng.com/monumental-banking-fraud-fcmb-exposed-in-diversion-of-over-1-billion-naira-of-customers-funds/