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Three suspected Internet fraudsters, popularly called Yahoo Boys, have been arrested by the Economic and Financial Crimes Commission.

EFCC spokesman, Wilson Uwujaren said the suspects - Okpekereke TimothyStanley Odjighere, and Teminor Karo - allegedly stole about ₦806 million from a new generation bank.

The Punch reports Uwujaren said the EFCC discovered that the suspects had used the proceeds to fund some projects, including a hotel, among others.

He said, "The EFCC has so far confiscated the following property, which are proceeds of the crime from the suspects; one uncompleted 59-room self-contain hostel, a twin bungalow in Oghara, Delta State, one uncompleted hotel project, one bungalow with a swimming pool in Ughelli and a bungalow in Agbaro.

"Others are one Toyota Venza, 2010 model; two Toyota Solara cars, 2010 model; two Toyota Camry cars, 2010 model and two Honda Accord cars, 2005 model."

The EFCC spokesman explained that three suspects were arrested on Wednesday, January 14, 2015 in Port Harcourt, Rivers State.

"The trio are part of a syndicate arrested over allegations of conspiracy, Internet scam and stealing from one of the new generation banks to the tune of ₦806,208,000. Forty others are still at large.

"The theft was perpetrated through a system glitch linked to the fraudsters, in which the bank suffered a huge loss of more than ₦806m."

It was gathered that the bank had told the EFCC that a review of transactions involving the bank with Interswitch Nigeria limited revealed that the bank was not reimbursed for the transactions consummated on ATM terminals.

Uwujaren said, "It was discovered that while many of the transactions involved were failed transactions, the amounts involved were not reversed, and all the customers were seen to have withdrawn the cash amounting to the sum on each day it happened.

"The suspects will be arraigned in court as soon as investigations are completed."

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