While the trial of former Bank BHB manager, Mr. Francis Atuche and
his wife, Mrs. Elizabeth Atuche is still throwing up new angles with
Lagos-based economist, Prof. Pat Utomi appearing as star witness over
alleged N27billion Bank loan fraud perpetrated during Atuche's term as
head of the Bank's board, some interim top officials of the financial
institution are now mired in a fresh fraud scandal involving N855m.
Bank BHB is now Keystone Bank.
Anayo Nwosu, a deupty manager; Ashok Isran, an Indian National; and
Olajide Oshodi and Sunny Obazee, both Managers, are standing trial
alongside NULEC Industries Limited and Keystone Bank before Justice
Kudirat Jose of the Lagos High Court in Ikeja.
READ MORE AFTER THE CUT...........................
At the resumed proceedings today, a prosecution witness for the
Economic and Financial Crimes Commission (EFCC), Chukwuma Orji, opened
with an account of how the top officials of Keystone Bank connived with
the Indian national, Mr. Isran, to deceive Mr. Daniel Chukwudozie, a
Managing Director of Dozzy Oil and Gas Limited, to part with the sum of
N855m under a spurious private share placement deal.
The defendants pleaded not guilty to the two-count charge of conspiracy and fraud.
Mr. Orji said in the court that one of the defendants, Mr. Anayo,
carefully concealed the bankrupt status of NULEC Industries Limited to
their victims, Mr. Chukwudozie and his company, convincing them to
invest N285m in NULEC Industries through the phony private placement.
The witness disclosed that even before the private placement was opened
on 25th July, 2008, the defendants had allegedly withdrawn a large
proportion of the funds and wired the rest abroad. He however pointed
out that the wired sum was later returned, part by part, to various
accounts traced to Mr. Isran in Nigeria.
The witness further told the court from the investigation that Mr.
Anayo, being the account officer to NULEC in Keystone Bank fully knew
that the firm was indebted up to N130million to the Bank, but his
desperation for promotion led him to hoodwink the victim into investing
the N285m.
From Mr. Orji's testimony, the first action by the alleged managers
on the invested fund was to settle NULEC company's N130million
indebtedness to the bank before transferring the remaining sum to Risa
Enterprises in Switzerland, a firm purportedly owned by Isran.
“Our investigation indicated that the first defendant, Anayo Nwosu,
as the account officer of NULEC Industries Limited was aware that NULEC
was indebted to various banks such as UBA, GTB, ACCESS Bank and Bank
PHB, but his desperation for promotion led him to approach Gozzy Oil and
Gas to invest in Nuclec Industries shares," the witness said.
The alleged withdrawal of funds invested by the victim was done by
the defendants between 15th and 16th of July, 2008, about nine days
before 25th of July, when the share placement, howbeit fraudulent, would
commence as they indicated to their victim.
“He was aware that the fifth defendant, Nulec Industries Limited was
indebted to Bank PHB to the tune of N130 Million when he approached the
MD of Gozzy Oil and Gas for the share offer. For the purpose of the
offer, an account was opened with the bank namely Private Placement
Account, while there was another account called Operation Account
through which the company conducted its daily affairs.
“Our investigation also indicated that immediately the Operating
Account of Nulec Industries Limited was credited, N130million was
fraudulently removed and used to offset indebtedness of the company to
the bank out of the N285 million outstanding, while the remaining fund
was wired to the offshore account of Risa Enterprises in Switzerland.
The fact from our investigation revealed that the businessman
fraudulently lost the money before the commencement of the shares
offer," the witness disclosed.
EFCC said it was able to confirm that there was no error that the
fund was paid to the Operation Account rather than Private Placement
Account, stating that it was a well-scripted fraud by all the defendants
in the suit.
Further hearing was adjourned till 20th November, 2013 for continuation of trial.
Platinum Habeeb Bank! Bank PHB
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