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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