The Force Criminal Investigation Department, Alagbon Annex, Lagos, is investigating a prince and two others for alleged $38,200 (about N22.5 million) fraud.

“The said suspect (prince) was arrested because he introduced the actual suspect who is out of the country.

“The said suspect (prince) has been released while the investigation continues,” the spokesman for the department in Lagos, Oluniyi Ogundeyi, said on Tuesday.

According to reports, the sum belongs to a man who wanted it to be changed to the naira equivalent.

It was gathered that changing the money to the naira equivalent was discussed at a traditional ruler’s palace in Lagos, where the prince introduced his friend residing in New York, U.S. and another person to the man who wanted to change the dollars.

The New York resident was introduced to a royal father by the prince some years back and he became a regular caller to the palace whenever he was in the country.

It was during one of the visits that changing of $38,200 to naira was mentioned and he quickly said he was into such a deal, a source said.

The New York resident sent his bank account details where a bank draft of $38, 200 was paid and he acknowledged receipt.

He gave the assurance that an Abuja-based currency buyer would need the dollars to purchase cars.

However, the transaction took a twisted dimension after the owner of the money waited for two weeks with no sign of the naira equivalent in sight.

It was gathered that the New York resident was contacted and he admitted receiving the money but said that the sum was clearing in tranches.

The royal father was infuriated because it was at his palace the introduction was made and the deal sealed.

He, thus, petitioned the police about the matter.

A source said that the New York resident later spoke with the royal father and paid N4.9 million to the alleged victim.

“The arrest and detention of the prince and his friend followed a strong-worded petition to the Assistant Inspector-General of Police (AIG), FCID Annex, Alagbon, Ikoyi, Lagos.

“The letter was jointly signed by the royal father and one Alhaja, a property company CEO, alleging that the prince conspired with a suspect living in New York to defraud one Tony, who was introduced to the suspect in his palace,” the source said.