FRAUD: Indian Dupes Nigerian Banks Of N32bn

An Economic and Financial Crimes Commission (EFCC) witness, Adeniyi Adebayo yesterday told a Federal High Court in Lagos how a Nigeria-based Indian businessman, Patrick Fernandez, defrauded some Nigerian commercial banks of about N32 billion

Mr Adebayo, who is an Investigator with the EFCC told the court presided over by Justice John Tsoho that the commission’s investigation into the case revealed that the banks involved in the scam did not follow due process when granting the accused person the loan.

Fernandez, alongside his three companies, Joseann Lobal Resources Limited, Pet Prime Impex Limited and Pet Ferns Nig. Limited were arraigned before the court by the EFCC on 56 –count charge of fraud.

According to the charge sheet filed by the EFCC, the accused persons were alleged to have, between the 21st and 25th of January 2008, fraudulently, presented to the banks, various manager’s cheques for various sum.

The accused was also allegedly to have procured Joseann Global Resources Limited to retain in its account, on his behalf, the sum of N6 billion which represented the proceeds of his illegal act.

The accused was also said to have transferred the sum of N1.9 billion and another N1.2 billion which formed part of his illegall act wih the aim of concealing the illicit orgin of the funds.

All offences, the EFCC said, is punishable under section 1(2)(a)of the Miscellaneous Offences Act cap M17 Laws of Nigeria and under section 14(1) of the money laundering (Prohibition) Act, 2004.

 source: leadership.ng