EFCC re-arraigns Indian businessman, three Bank PHB officials over N855m fraud

Next Story

Jose Mourinho makes you fall in love with him – Villas-Boas

According to reports, the Economic and Financial Crimes Commission (EFCC) on Tuesday re-arraigned an Indian businessman, Ashok Isran, over an alleged N855 million fraud.

EFCC

Isran was re- arraigned alongside his company, Nulec Industries Ltd., 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.

READ Archive:   Police Rescue 3 Teenage Girls, Who Were Abducted in Bauchi State and Forcefully Converted to Islam

The News Agency of Nigeria (NAN) reports that 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, Mr 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.

READ Archive:   Graphic photos: 4 killed in a fatal accident along Okigwe-Umuahia expressway

“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 Dec. 13 for hearing of the no-case submission application filed by the defendants.

READ Archive:   Fayose calls Justice Abang a disgrace over Ondo PDP crises ruling, asks NJC to sack him

3 thoughts on “EFCC re-arraigns Indian businessman, three Bank PHB officials over N855m fraud

Leave a Reply

Your email address will not be published. Required fields are marked *