Police Arraign Indian Citizen, Other For N100m Fraud
The police in Lagos on Monday arraigned Indian citizen Santosh Singh and his Nigerian accomplice, Olakunle Bello before a Federal High Court in Lagos over an alleged N100, 075, million fraud.
Santosh 43 and Bello 31 were arraigned before Justice Oluremi Oguntoyinbo by the men of the Police Special Fraud Unit (PSFU) Ikoyi, Lagos, on a one-count charge of conspiracy and fraud.
The prosecutor, Sylvester Azuibuike informed 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 false pretence.
They had told their victim that they are going to use 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 judge that defendants had falsely told the bank the deal is a 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, however, pleaded not guilty to the charge.
Following the defendants’ plea, the prosecutor asked the court for a trial date, and that they be remanded in prison custody, till the determination of the charge against them.
However, the defence counsel, Olalekan Ojo (SAN), told the court that they have filed a bail application for their clients and same had been served on the prosecution.
He, therefore, urged the court to hear the applications and admit his clients to bail in the most liberal terms.
The prosecutor admitted that he had been served with a copy of the bail applications.
After moving of the defendants’ bail applications, Justice Oguntoyinbo, reserved ruling on the bail applications till November 4, while she fixed December 11, for the commencement of trial.
Justice Oguntoyinbo also ordered that the two defendants be remanded in the custody of Nigerian Correctional Services.
