It was learnt that the fund was deposited into account number 0339007306 domiciled in the bank, with Obanliku Local Government Project as the account name.
The money in the account runs into millions of naira.
According to Punch, the council had earlier alerted the Cross River Police Command after receiving a tip-off on an imminent fraud on the account.
The command was said to have sent a signal, including details of the suspect to its Lagos counterpart in respect of the complaint lodged by the council.
The police said Eguakun, a Computer Science graduate, had reportedly forged a document and went to Ecobank branch at Tafawa Balewa Square, Lagos, on the pretext that he worked with the council and was a signatory to the account.
42-year-old Eguakun, an indigene of Delta State, had sometime in July met with his accomplice, 27-year-old Ejechi at the branch to perfect the fraud.
Unfortunately for them in the process of committing the crime, a police team from the Ikoyi division, led by Sergeant Damian Ojuinyi, stormed the bank and arrested the duo.
The suspects, who reportedly planned the fraud with other persons at large, were brought before an Igbosere Magistrate’s Court on five counts bordering on forgery and impersonation.
As usual, the guys pleaded not guilty to the charges before the presiding magistrate, Mrs O.M. Ajayi.
The magistrate granted them bail in the sum of N250,000 each with two sureties each in like sum, adding that the sureties must present evidence of tax payments and their residential addresses.
The case has been adjourned till August 16, 2016, for trial.
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