N100m Fraud: Court Grants Indian Citizen, Nigerian Accomplice Bail

A Federal High Court in Lagos on Money granted an Indian citizen, Santosh Singh and his Nigerian accomplice, Olakunle Bello, who were alleged to have defrauded a bank of the sum of N100, 075 million, bail in the sum of N5 million with two sureties.

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.

Justice Ofuntoyinbo held in his ruling on the bail applications filed by the defendants, that ne of the sureties according must be a Civil Servant on Grade Level 15 in a federal government establishment.

She also held that the second surety must be a landed property owner in Lagos State.

The court also ordered that the sureties must submit their letter of employment and a recommendations letter from their Head of Department, in case of Civil Servant.

While the second surety must submit the original copy of his Certificate of Occupancy (C of O).

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Justice Oguntoyinbo also ordered the Indian, who is also a Canadian citizen to obtain a letter of undertaken from Indian and Canada consulates, indicating that he would not travel out of Nigeria during the pendency of the charge against him.

The judge ordered that all the bail conditions are to be verified by the Court’s Registrar.

While the defendants are to be remanded in the custody of the Nigeria Correctional Services (NCS) till they perfect the bail conditions

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 false pretence.

They had told their victim that they are going to used 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.

29th February 2024
Nigerian Pantagraph