Wednesday, 5 October 2016

EFCC Drags Indian Businessman & Three Bank PHB Staff To Court Over N855m Fraud

The Economic and Financial Crimes Commission on Tuesday re-arraigned an Indian businessman, Ashok Isran, over an alleged N855 million fraud. Isran was re-arraigned alongside his company, Nulec Industries Limited, Bank PHB (now Keystone Bank) and three management staff of the bank - Anayo Nwosu, Olajide Oshodi and Sunny Obazee. The defendants were re-arraigned before Justice Kudirat Jose of an Ikeja High Court on an 11-count amended charge bordering on conspiracy and obtaining money under false pretences. The defendants were first arraigned in March 2014 on a two-count charge and were granted a N50 million bail each.

In the amended charge, the EFCC’s counsel, Rotimi Jacobs (SAN), alleged that the defendants defrauded a businessman, Sir Daniel Chukwudozie, of N855 million between July 2008 and August 2008 in Lagos.

Jacobs said the bank had collected the money from Chukwudozie as payment for preference shares of Nulec Industries in an upcoming initial public offer. He said: “The public offer did not take place and it is a ploy by the defendants to defraud the complainant.”

The offences contravened Section 1(3) of the Advance Fee Fraud and Other Related Offences Act, No. 14 of 2006. All the accused persons again pleaded not guilty to the charges and the judge allowed them to enjoy the bail terms earlier granted them by the court.

The case was adjourned to December 13 for hearing of the no-case submission application filed by the defendants.

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