The Economic and Financial crimes Commission, EFCC, has dragged an Indian business man, Patrick Fernandez, to court for duping several banks in Nigeria to the tune of N32bn.
An Indian business man based in Nigeria, Patrick Fernandez, has entered into troubled waters with the Economic and Financial Crimes Commission, (EFCC), over allegations of duping some
Nigerian banks to the tune of N32 billion by way of loans collection, a
witness, Adeniyi Adebayo, told a Federal High Court in Lagos, presided
by Justice John Tsoho.
Mr Adebayo who is an Investigator with the EFCC,
told the court 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 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.
In
a statement released by the anti-graft agency, 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 alleged 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.
Fernandez 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.
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