The Economic and Financial Crimes Commission (EFCC) on Tuesday re-arraigned an Indian businessman, Ashok Isran, over an N850 million fraud.<\/p>\n
Isran was re- arraigned alongside his company, Nulec Industries Ltd., Bank PHB Plc (now Keystone Bank) and three management staff of the bank — Anayo Nwosu, Olajide Oshodi and Sunny Obazee.<\/p>\n
The suspects were re-arraigned before Justice Olabisi Akinlade of the Lagos High Court in Ikeja.<\/p>\n
They are facing a two-count charge bordering on conspiracy and obtaining money through pretence.<\/p>\n
The accused had been arraigned on Aug. 8, 2012 before Justice Habeeb Abiru, who was recently elevated to the Court of Appeal.<\/p>\n
They had pleaded not guilty to the charge and Abiru granted Isran bail in the sum of N50 million with two sureties in like sum.<\/p>\n
The judge had also granted the bank workers N100 million bail and directed the chairman of the board of the bank to write a letter of undertaking that Nwosu, Oshodi and Obazee would be in court for their trial.<\/p>\n
During Tuesday’s proceedings, EFCC counsel, Mrs Taiwo Ogunleye, informed the court of the development and asked that the defendants\u00a0 be ordered to re-take their pleas.<\/p>\n
Ogunleye said the suspects between July, 2008 and August, 2008 in Lagos defrauded a businessman, Sir Daniel Chukwudozie, of the\u00a0 amount.<\/p>\n
She said that the bank had collected the money from Chukwudozie as payment for preference shares of Nulec Industries in an upcoming initial public offer.<\/p>\n
The prosecutor further said the public offer never took place and added that it was a ploy by the defendants to defraud the complainant.<\/p>\n
She said\u00a0 the offences contravened the Advance Fee Fraud and Other Related Offences Act, No. 14 of 2006.<\/p>\n
All the accused again pleaded not guilty to the charges and the judge permitted them to enjoy the bail terms earlier granted them by Abiru.<\/p>\n
Akinlade also granted permission to Isran to travel to Geneva for medical treatment.<\/p>\n
The case was adjourned till May 28 for trial. (NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"
The Economic and Financial Crimes Commission (EFCC) on Tuesday re-arraigned an Indian businessman, Ashok Isran, over an N850 million fraud. Isran was re- arraigned alongside his company, Nulec Industries Ltd.,…<\/p>\n","protected":false},"author":1,"featured_media":8241,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-10432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n