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Alleged N100,075m Fraud: India/Canada Citizen, Nigerian Accomplice Arraigned


IKOYI, LAGOS STATE, NIGERIA - As a result of their alleged involvement in fraud to the tune of N100, 075million, a Nigerian, Olakunle Bello Shola and an India/Canada citizen, Santosh Singh, were on Monday, October 28, 2019, arraigned before Justice Oluremi Oguntoyinbo of a Federal High Court sitting in Ikoyi, Lagos State, Nigeria.

Olakunle Bello Shola and Santosh Singh were brought before the court by operatives of the Police Special Fraud Unit (PSFU) Ikoyi, Lagos.

The prosecutor, Sylvester Azuibuike, while arraigning Olakunle Bello Shola and Santosh Singh told Justice Oluremi Oguntoyinbo 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 the pretence of using 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.

The prosecutor further told Justice Oluremi Oguntoyinbo that Olakunle Bello Shola and Santosh Singh had falsely told the bank that there will be tripartite agreement between them, Continental Logistics Limited, another company, Thramaseed Inpex Limited and the bank.

The offence, according to the prosecutor, is contrary to Section 1 (2) of the Advanced Fee Fraud and Other Related Offences Act 2006 and Punishable Under Section 1 (3) of the same Act. 

But Olakunle Bello Shola and Santosh Singh pleaded not guilty to the charge.

The matter has been adjourned until December 11, 2019 for trial to commence.

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