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.
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 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 Newspaper
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