Court Jails Indian Businessman, Bankers 5-Years For N855m Fraud
Justice Kudirat Jose of the Lagos State High Court in Igbosere on Monday convicted and sentenced an Indian businessman, Ashok Israni and two top officials of Bank PHB (now Keystone Bank), Anayo Nwosu and Olajide Oshodi to five years imprisonment for N855m fraud
Justice Jose also jailed NULEC Industries Limited belonging to Israni and Keystone Bank Limited.
The Economic and Financial Crimes Commission (EFCC) had arraigned the convicts alongside one Sunny Obazee on an amended 15-count charge bordering on conspiracy and obtaining by false pretence to the tune of N855m.
The defendants, however, pleaded not guilty to the charge preferred against by them by the EFCC, thereby leading to their full trial.
During the course of the trial, the prosecution counsel, Rotimi Jacobs, (SAN) presented witnesses and tendered several documents that were admitted in evidence by the court.
Delivering her judgment, Justice Jose discharged and acquitted the fourth defendant, Obazee.
The Judge, however, convicted and sentenced the first, second and third defendants to five years imprisonment each on counts 1, 3, 4, 7, 9, 10 and 13 of stealing.
The companies were also ordered to pay a fine of N20 million to the Federal Government on counts 1, 10 and 13.
The Judge also ordered the convicts to restitute the sum of N395 million to the victim of the fraud.
