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N40bn Scam: Vaswani Brothers Flee Nigeria - Politics - Nairaland

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N40bn Scam: Vaswani Brothers Flee Nigeria by Jeffreyese: 8:35pm On Jul 30, 2008
The Vaswani Brothers, Sunil and Suril, are in the news again. The last time they were in the news, it was about forceful deportation from Nigeria by the Obasanjo government in 2004 over allegations of defrauding the Federal Government of huge import duty revenue. Now, the news is that the duo, who sneaked into the country, late last year, are allegedly on the run again over a N40 billion scam.

The Economic and Financial Crimes Commission (EFCC) has invited the controversial Vaswani Brothers who returned to the country sometimes late last year after several years of deportation for criminal activities. However, they are on the run for allegedly obtaining N40 billion by false pretence from Globe Motors.

The allegation which was contained in a petition was forwarded to the office of the chairman of EFCC by Barrister Ifeanyi Maduabuchi, the Principal Partner in the Chamber of Femi Falana, a Lagos-based Human Rights Lawyer and Activist.

According to the petition, “before December 1993 Honda Motor Company Limited of Japan, the manufacturers of Honda Vehicles had a backlog of out moded Honda vehicles as a result of the inability of dealers to take them up after placing order for them, in order to put an end to similar occurrence the manufacturers made a policy to have only one exclusive dealer in each country.”

However, it was difficult for any single motor company in Nigeria to meet the above condition in order to take up the sole dealership. As a result Honda Place approached our client (Globe Motors) that they will give them a sub-dealership which will enable them to be importing for 45 per cent of Honda vehicles earmarked for Nigeria by Honda Motors Japan if our client (Globe Motors) would enable Honda Place to succeed as sole dealer by sharing the backlog burden with them.

“Moreover, our client (Globe Motors) agreed and went ahead to clear the bulk of over 50 per cent of the said backlog and Honda Place was made a sole dealer in 1993, upon being made the sole dealer Honda Place reneged from the original agreement of allowing our client (Globe Motors) to import 45 per cent of the Honda vehicles earmarked for Nigeria and took over same in addition to their 55 per cent.

“Furthermore, in their quest to render the representation they made to our client (Globe Motors) ineffective, Mr. Suril Vaswani, Mr. Mahesh Vaswani, Mr. Haresh Vaswani, Mrs. Rita Vaswani, Mr. Gopal Kritishina and other principal agents of Honda Place alleged that the Honda dealership had been given to another company, THP Limited and that Honda Place was incapable of giving Globe Motors 45 per cent.”

“In their bid to convince our client (Globe Motors) they presented a forged dealership agreement between THP Limited and Honda Japan; our client (Globe Motors) discovered that the date on the said dealership agreement was altered by Mr. Suril Vaswani and other directors earlier on mentioned herein to suit their purpose of defrauding our client (Globe Motors).

“Incidentally, Suril Vaswani who signed the agreement between our client (Globe Motors) and Honda Place also signed the one between Honda Japan and THP Limited, which is an abbreviation of The Honda Place, it may interest you to know that THP Limited was not registered in the Corporate Affairs Commission when our client (Globe Motors) was fraudulently tricked to sign the sub-dealership agreement.

To this end, the petition claimed that Honda Place has benefited by selling their 55 per cent and Globe Motors 45 per cent of Honda vehicles earmarked for Nigeria thereby taking over N40 billion that ought to accrue to Globe Motors.

Upon this allegation, the commission (EFCC) summoned all the parties in the matter which include the chairman of Globe Motors, Williams Anumudu and the Vaswani Brothers especially Suril Vaswani and others who are signatory to the sub-dealership agreement between Globe Motors and Honda Place.

However, William Anumudu of Globe Motors showed up at the Ikoyi office of the commission where he wrote the statement in respect of the petition filed on his behalf; on the contrary the Vaswani Brothers sent two of their principal staff to come and represent them at the commission's office.

However, the commission’s officer in charge of the case demanded for personal appearance of the Vaswani Brothers who are parties and signatories to all the deals upon which the petition is based, on the contrary the Vaswani Brothers decided on leave the country rather than facing the interrogation.
Sources:
http://exood.com/talk/modules/news/article.php?storyid=71
http://www.nationalmirroronline.com/cove/article03/080728
Re: N40bn Scam: Vaswani Brothers Flee Nigeria by bilymuse: 8:43pm On Jul 30, 2008
very insulting for some stupid lebanese ( correct me) to come and dupe us! shame on all Nigerians 419 people.
Re: N40bn Scam: Vaswani Brothers Flee Nigeria by Ibime(m): 9:46pm On Jul 30, 2008
In the land of 419 and yahoo, we have been disgraced!
Re: N40bn Scam: Vaswani Brothers Flee Nigeria by Gonorrhea(m): 9:25am On Jul 31, 2008
bilymuse:

very insulting for some stupid lebanese ( correct me) to come and dupe us! shame on all Nigerians 419 people.

we sef dey dupe other people call them MUGU on top naw! grin


Anyway@post

Them Vaswani brothers are nippy dodgy curry-stinking indian smart boys
Nigeria would never learn grin

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