A banker and seven other defendants have been arraigned before the Federal High Court in Lagos over an alleged N710m proof-of-funds fraud.
The Police Special Fraud Unit (PSFU), Lagos, disclosed this in a statement signed by its Public Relations Officer, DSP Ovie Kenneth Ewhubare, on Wednesday.
The defendants are Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome.
They were arraigned on a 12-count charge following an investigation into the alleged fraudulent disbursement of N710m placed under Post-No-Debit restrictions across eight designated bank accounts.
According to the police, the investigation began after a petition was submitted to the Commissioner of Police over the alleged transaction.
The PSFU alleged that Osenonome, a banker and Senior Relationship Officer, conspired with Egharevba Emmanuel to obtain the cooperation and personal identification details of other individuals.
The information was allegedly used to facilitate the opening of accounts suspected to have been used to launder proceeds of the alleged crime.
The police said a forensic analysis conducted by its Corporate and Public Accounts Fraud Section traced significant movements of the suspected proceeds to accounts linked to individuals allegedly connected with the principal suspect.
Those identified included Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, a sibling of Osenonome, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, the banker’s wife.
Further investigations allegedly uncovered the use of forged or disputed proof-of-funds, indemnity and Post-No-Debit documents in facilitating the transactions.
The police also said investigators traced assets suspected to have been acquired with proceeds of the alleged fraud.
The assets reportedly include a 2020 Lexus RX 350 valued at N25m, two Toyota Camry cars valued at N8m each and a plot of land in Magodo Phase I, Lagos, reportedly purchased for N40m.
According to the PSFU, further forensic analysis indicated that some of the suspected proceeds were allegedly used to settle personal financial obligations, fund gambling activities, invest N40m in CIBEX trading and establish a spa and beauty business reportedly furnished at a cost of about N60m.
The Commissioner of Police, PSFU, CP Eloho Edwin Okpoziakpo, reaffirmed the unit’s commitment to conducting thorough, professional and evidence-based investigations, particularly into complex financial transactions and suspected abuse of banking processes.
He said the unit would continue to pursue financial crimes through lawful investigative procedures and ensure that relevant evidence was properly obtained, documented and presented before a competent court.
The allegations have yet to be established in court.
