The alleged fraudulent transaction, according to the statement, was reported by the bank through a petition, saying the financial institution received a mail from VISA International on suspected 60 credit card transactions.
Operatives of the Economic and Financial Crimes Commission have smashed a syndicate of five men who specialises in credit card fraud.
A statement on Thursday said the arrested suspects – Daniel Stephen, Nestor Ezeani, Sonny Okwaraji, Sylvester Otuwa and Jeff Ogbonaya – allegedly masterminded the theft of $257,822.16 (about N98 million) from a new generation bank.
The alleged fraudulent transaction, according to the statement, was reported by the bank through a petition, saying the financial institution received a mail from VISA International on suspected 60 credit card transactions.
"The EFCC in a swift action moved and arrested the five suspects at 7th Avenue, FESTAC, Lagos.
"They were arrested with several credit cards in their possession, which they use in loading money before transferring them to other banks.
"Some of the suspects have made useful statements while investigations continue," the statement read.
The agency also said suspects will be charged to court as soon as investigations are concluded.