Authorities in France foiled a suspected terror attack on the Paris headquarters of second largest US bank, the Bank of America. A 17-year-old teen suspect was reportedly arrested moments before he was about to ignite a homemade explosive device in the early hours of Saturday morning, while a second suspect fled the scene, according to the AFP.

The near-fatal incident took place around 0230 GMT outside the Bank of America building, which is just a few streets away from the iconic Parisian landmark Champs-Elysees.

Paris probes foiled Bank of America terror threat: What happened

Although authorities are still investigating the development to determine the motive, the foiled terror attack comes to light amid the ongoing US-Israeli war on Iran. On top of that, an Iran-linked group claimed to have positioned the Bank of America’s Paris headquarters as a “target,” according to The Telegraph.

The AFP reported that police spotted two men near the bank carrying a shopping bag. One of them is said to have just placed a device and was about to ignite it at the time of his detention. Although a full analysis of the device is underway, an initial assessment indicated that it had some 650 grams of explosive powder.

PNAT, aka France’s national anti-terrorism prosecutor’s office, told The Associated Press that it had launched an investigation into alleged terror-related offences, which include tempted damage by fire or by a dangerous means, the manufacture of an incendiary or explosive device, the possession and transport of such devices with the intent to prepare dangerous damage, and involvement in a terrorist criminal association.

Bank of America bomb plot: What do we know about the suspect?

Citing an unnamed police source, the AFP reported that the suspect was recruited through the SNS app Snapchat. He was reportedly offered 600 Euros in exchange for executing the bomb plot.

As reported by Le Parisien, the man had no ID on him at the time of the arrest in Paris, but said he was Senegalese.

Although the aforementioned Iran-linked group hasn’t been formally linked to the Paris threat, Harakat Ashab al-Yamin al-Islamiyya whose name translates to ‘Islamic Movement of the Companions of the Right,’ had posted a video of the French bank on its now-removed Telegram channel, saying it was “not just a bank, but a shadowy Zionist force”.

According to the video, viewed by The Telegraph, the group appeared to rationalise why the Paris headquarters of the Bank of America were targeted. Describing it as an “institution serving Zionist and Israeli interests,” the group said it has a “deep connection to the Jewish community in France.”

It also claimed that the Bank of America “constantly works to strengthen Israel’s ties with Europe and solidify the cultural and economic connections between France and Tel Aviv.”