+ How the bank’s disregard for due process aided the monumental fraud
…Bank allegedly in distress

It has become pertinent to closely re-examine the way some banks entrusted with the safe-keeping of money belonging to hard-working Nigerians operate. This is with a view to stemming the virulent tide of fraudulent activities in the financial sector. True, the Central Bank of Nigeria (CBN) has laid down a procedure that institutions are supposed to follow, but some institution still give little or no regard, thereby exposing their customers to untold hardship when their hard-earned money is forfeited to fraudulent individuals.

Recently, Nigerians were rocked by news of how Wema Bank lost a huge sum of money to a supposed Indian businessman, Patrick Fernandez. The case, brought up for hearing by the Economic and Financial Crimes Commission (EFCC) before the Federal High Court in Lagos, showed complicity on the part of the financial institution towards the perpetration of the fraud.

According to testimony by the EFCC former investigator, Bashir Abdullahi, findings revealed cheque-kitting and round-tripping. In his words: “Our findings was that he was involved in cheque-kitting and round-tripping. It is also known as Lazy Susan, a business model.”


http://societygazetteng.com/depositors-beware-wema-bank-staff-help-indian-steal-n23-billion-from-the-bank/