A banker and seven other defendants have been arraigned before the Federal High Court in Lagos over an alleged ₦710 million proof-of-funds fraud, following an investigation by the Police Special Fraud Unit (PSFU).
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.
According to the police, the case followed a petition concerning the alleged fraudulent disbursement of ₦710 million held under Post-No-Debit restrictions across eight designated bank accounts.
Investigators alleged that Osenonome, a banker and senior relationship officer, conspired with Egharevba Emmanuel to obtain the personal identification details of other individuals, which were allegedly used to facilitate the opening of accounts suspected of receiving and laundering the funds.
The police further alleged that forged or disputed proof-of-funds documents, indemnity papers and Post-No-Debit documents were used in the scheme.
A forensic investigation reportedly traced substantial sums to accounts linked to individuals allegedly connected with the principal suspect.
Authorities also identified assets suspected to have been acquired with proceeds of the alleged fraud. These included a 2020 Lexus RX 350 valued at ₦25 million, two Toyota Camry cars worth ₦8 million each, and a plot of land in Magodo Phase I, Lagos, reportedly purchased for ₦40 million.
The investigation also indicated that some of the funds were allegedly used for personal financial obligations, gambling, a ₦40 million investment in CIBEX trading, and the establishment of a spa and beauty business reportedly furnished with about ₦60 million.
The defendants were arraigned on a 12-count charge. The Police Special Fraud Unit said it remained committed to investigating complex financial crimes and presenting properly documented evidence before the courts.
The allegations are yet to be proven in court. The defendants are presumed innocent unless and until proven guilty.
