Ahmed Ayinde was arrested by the Lagos State Police Command for allegedly deceiving prospective tenants with N500m.
According to the Command, the suspect collected payments from 100 potential tenants in Olowo Ira, Lagos State.
Ayinde refused to release the keys to the one-story building at No 5, Ayedun Street in Olowo Ira after receiving the payments.
Muyiwa Adejobi, the state Police Public Relations Officer confirmed that the suspect was arrested. He also stated that the X-Squad Unit, State Criminal Investigation and Intelligence Department (Yaba), had begun an investigation into the matter.