The suspects, Babatunde Ologunja, Olusola Olaoye Babatunde and Olufemi Lawal were accused of conspiring to defraud the traditional chief to the tune of N300m.
The Economic and Financial Crimes Commission has arrested three persons for defrauding the Otun-Olubadan of Ibadanland, Oba Lekan Balogun.
The suspects, Babatunde Ologunja, Olusola Olaoye Babatunde and Olufemi Lawal were accused of conspiring to defraud the traditional chief to the tune of N300m.
The arrest followed a petition written by younger brother of the chief, Kola Balogun, to the anti-graft agency.
The younger brother is currently representing Oyo South Senatorial District, a position held by the chief between 2003 and 2011.
The younger Balogun feared that the chief might have been charmed by the suspected fraudsters as he was still unable to come to terms with the reality of his situation.
“This request became necessary because we believe strongly that the victim has been hypnotised.
"He is not in a position to admit it and his health condition is deteriorating,” the senator said in the petition.
Preliminary investigations into the matter showed that for the past four years, the suspects had collected sums of money from the chief.
The sums, according to findings, were not attached to any particular project and no receipts were issued to indicate the existence of genuine transactions between the parties.
As at the time of their arrest, the syndicate had received about N300m through bank transfers from the Ibadan high chief.
EFCC has designated for possible forfeiture, four vehicles and six landed properties traced to their alleged fraudulent activities.
The anti-graft agency is on the trail of the suspects’ fugitive partners as further investigations are underway.