THE MILE 7 Police Commander DSP Peter Yembila has cautioned persons who wish to invest in the oil sector to be wary of fraudsters who are taking advantage of the oil find to defraud investors.

The police chief was worried over the emergence of some fake products such as CMC oil drilling grade or cement and oil drilling sealant being used to defraud unsuspecting victims of colossal sums of money.

He explained that police have had several complaints but unfortunately the fraudsters always bolted before they were traced.

The Mile 7 police have since taken custody of many related exhibits.

Meanwhile, the Accra Regional Command according to Crime Officer Chief Superintendent Frank Adufati has arrested 30-year-old Isaac Otoo in connection with an oil fraud case.

Otoo was arrested on Friday, June 15 at Sakaman near Odorkor while trying to dupe a restaurant operator.

According to C/Supt Adufati, the restaurant operator who is the complainant in the case said she received a call from a certain Nii the previous day telling her of a business contract which could fetch her much profit.

Claiming that they had met in her restaurant where he came to dine with some expatriates, he introduced himself as a worker of the Jubilee Fields at Cape three points in the Western region.

Isaac Otoo went further to say his company was in dire need of a product called the CMC oil drilling grade but the complainant who became suspicious feigned interest and reported the matter to the police.

The suspect, who posed as Nii, told the complainant that she would need $12,000 for him to get her samples from a white man who deals in the product.

The complainant informed the suspect that the money was ready and a meeting was scheduled for Friday June 15 at Sakaman.

However, the police ambushed the fraudster.

When the suspected fraudster popped up and started a conversation with the complainant the policemen appeared on the scene and arrested him together with a jute bag (Ghana must go), with the supposed CMC oil drilling grade concealed in it.

Suspect Otoo is currently caged in the cells of the Striking Force Unit at Accra Central.