The fraud involved the state-owned Gateway Savings and Loans Limited's account with the bank.
Our correspondent gathered that the policemen stormed the bank around 4.30pm with an Armoured Personnel Carrier and not less than four Hilux pick up vans.
The security operatives were said to attempted to whisk the bank manager and some members of staff away.
A reliable source said the team was led by the Senior Special Adviser on Security to the state governor, Senator Ibikunle Amosun.
The combat mood of the security men sent customers who had converge on the Automated Teller Machines within the bank premises, running helter-skelter.
While some of security men entered into the office, some others kept watch over movement of customers and other people outside.
It was learnt that the bank staff engaged the policemen in argument and were reluctant to release their manager for about two hours.
An official of the bank, who spoke on condition of anonymity on Saturday said a senior manager of the bank was later taken to the Ibara Divisional Police Station, Abeokuta to write statement.
The official said, "The management of Gateway Savings and Loans came to our bank to lodge a complaint of perpetual fraud and debit of about N30million in their Internet account of our bank.
"Since it was an Internet transaction, we told them to give us time to call on our technologists to investigate the issue.
"But within an hour, around 4:30pm the Senior Security Adviser to Governor Amosun came to the bank with about eight police vehicles and one armoured tank, chasing away all customers within the bank premises, saying they are acting on the order of the governor to arrest the manager if the money is not provided.
"We told them they can't arrest anybody from the bank since there was no personal contact with anybody from the bank before the transaction was made and it was only management of Gateway Savings and Loans that knew the password of the Internet account.
"We told them someone within their organisation who was privy to the password must have hacked their account."
Our correspondent gathered that the arrested senior bank official was released immediately he wrote his statement while some officials in the Gateway Savings and Loans Limited were quizzed.
The state Commissioner for Finance, Mrs. Kemi Adeosun, could not be reached for comments on the alleged fraud.
But in a telephone interview with our correspondent, the state Commissioner for Information and Strategy,Mr. Yusuph Olaniyonu, confirmed the incident.
Olaniyonu said an Internet fraud was uncovered in the account of Gateway Savings and Loans Limited domiciled in Skye Bank. He explained that the police were already investigating the fraud.
Olaniyonu, however, said the amount involved was N14.3million and not N30million as alleged.
He said, "It was not a case of invasion of the bank by policemen. What happened was that there was an internet fraud. About N14.3million was said to be involved.
"The incident was discovered on Monday but the management and other officials of Gateway Savings and Loans didn't report the matter until Wednesday.
Olaniyonu explained that the police had promised to get a court injunction to compel the Skye Bank to reveal certain information about the controversial transaction.
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