Police Arraign India/Canada Citizen, Nigerian Accomplice Over Alleged N100, 075m Fraud

A Nigerian, Olakunle Bello Shola and an India/Canada citizen, Santosh Singh, were today, arraigned before a Federal High Court, over alleged fraud of N100, 075, million.

Lakunle 31 and Santosh 43, were arraigned before the court presided over by Justice Oluremi Oguntoyinbo, by the men of police Special Fraud Unit (PSFU) Ikoyi, Lagos.

Arraigning the defendants before the court, the prosecutor, Mr. Sylvester Azuibuike, told the court that the defendants and one Vivek Bansal, now at large, with an intent to defraud, fraudulently obtained the sum of N100, 075 million from a bank, through their company, Continental Logistics Limited , under the pretence of using the money to procure 240 metric tonnes of Sesame seed and 44.9 metric tonnes of cashew nuts, which were to be stored at a warehouse in kano State.

Azuibuike further told the court that defendants had falsely told the bank the it will be tripartite agreement between their, Continental Logistics Limited, another company, Thramaseed Inpex Limited and the bank.

The offence, according to the prosecutor, Mr. Azuibuike, is contrary to Section 1 (2) of the Advanced Fee Fraud and Other Related Offences Act 2006 but Punishable Under Section 1 (3) of the same Act.

The defendants pleaded not guilty to the charge.

Following the defendants’ plea, the prosecutor asked the court for a trial date, while also urged the court to remand the defendants in prison custody, till the determination of the charge against them.

However, the defence team led by Olalekan Ojo (SAN), told the court that they have filed bail applications for their clients and same as been served on the prosecution.

They therefore urged the court to take their applications and admit their clients to bail in the most liberal terms.

The prosecutor admitted being served with the bail applications.

After moving of the defendants’ bail applications, Justice Oguntoyinbo, reserved ruling on the bail applications till November 4, while fixed December 11, for the commencement of defendants’ trial.

Justice Oguntoyinbo also ordered that the two defendants be remanded in the custody of Nigerian Correctional Services, formerly Nigerian Prison Services