Two other suspects involved in the crime are currently at large.
The arrested military officers, a Wing Commander and a Lt. Commander, worked at the Military Pension Board while their accomplices were Branch Manager and Relationship Manager of United Bank for Africa (UBA).
It was gathered that the auditors of UBA raised the alarm when its auditors discovered that huge parts of the funds were “cashed across the counter in a suspicious manner.”
Based on the alert by the bank, the EFCC stepped in to crack how the fraud was perpetrated.
A source in EFCC who confirmed their arrest said “We have arrested a serving Wing Commander, a Lt. Commander and four others for N339million death benefit of some deceased military officers and men.