The Economic and Financial Crimes Commission on Wednesday released the owner of Innoson Motors, Innocent Chukwuma on bail.
Chukwuma was arrested from his Enugu home on Tuesday in a way that was criticised by many Nigerians including the Senate.
He was believed to have been arrested based on a business relationship with GTBank that went awry.
Many had called for GTBank customers to pull their money from the bank over the treatment the management meted out to Chukwuma.
But a statement signed by EFCC spokesman, Wilson Uwujiaren on Chukwuma’ s release, the Commission said he was arrested over a fradulent transaction with his brother amounting to more than N1.4 billion.
EFCC also claimed that he resisted arrest and used thugs to fence off its operatives when they visited his Enugu home.