Ugwu, according to Police Commissioner Imohimi Edgal, claimed to be an EFCC official and defrauded local and international businessmen.
Edgal said the suspect was arrested after he collected N805,000 from the Managing Director (MD) of Wire-My-Cake Company, Ijegun, Isheri-Oshun.
Edgal said: “The suspect met his waterloo on October 5 at Ijegun, having defrauded Wire-My-Cake Company. Two months before his arrest, while pretending to be an EFCC official, he accused the company’s CEO of defrauding GTB.
“He further accused him that it was the proceeds of the fraud that he used in setting up his company.
“The suspect did not only intimidate the company’s CEO, but also followed it with accusations and at the end of the day obtained N805,000 from him.
“The command operatives attached to Area ‘F’ Ikeja began operation. This led to the arrest of Sodiq Ibrahim, a dismissed employee of Wire-My-Cake Company, who connived with the suspect to defraud his former employer.”
Edgal said Ugwu and Ibrahim would soon be arraigned.