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The Economic and Financial crimes Commission,
EFCC, has dragged an Indian business man,
Patrick Fernandez, to court for duping several banks
in Nigeria to the tune of N32bn.
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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