An official of the Economic and
Financial Crimes Commission (EFCC),
Adeniyi Adebayo, on Tuesday told a
Federal High Court in Lagos how huge
sums of money were discovered in the
accounts of a Nigerian-based Indian
businessman, Patrick Fernandez.
Fernandez is standing trial for alleged
money laundering and financial crime
to the tune of N32 billion.
The EFCC had charged the accused to
court on a 56-count-charge that
bordered on alleged attempt to defraud
some commercial banks and money
laundering of about N32 billion.
The accused was specifically arraigned
with three firms linked to him.
The firms are Joseann Global
Resources Limited, Pet Prime Impex
Limited and Pet Ferns Nigeria Limited.
While being cross-examined by the
lead defence counsel, James Osholi
(SAN), the EFCC official said the huge
sums of money were found in the
accounts of the accused based on
cheque.
He added that some of the affected
banks acknowledged that the accused
applied for cheque discounting facility.
Adebayo said: “During interview with
the banks, we were informed by bank
officials that the huge amount was
related to loans granted the accused
especially by Intercontinental Bank.”
Intercontinental Bank had since been
dissolved and merged with Access
Bank.
When asked whether the EFCC could
question bank loans, the witness
replied in the negative, but said the
commission could demand for
documents in relation to any account if
there is any suspicion.
The matter was subsequently
adjourned to December 12, 2014 for
continuation of cross-examination.
Before the case was assigned to the
current judge, Justice John Tsoho, the
matter had previously been handled by
Justice Ramat Ahmed Mohammed,
who has since been transferred out of
the Lagos division of the court.
Adebayo had testified before Justice
Mohammed how the anti-graft
commission came into the picture of
the case.
Led in evidence by EFCC’s lawyer,
Rotimi Jacobs, the witness, who said
his schedule of work included
investigation of economic and
financial crimes, said sometime in
February 2008, a Suspicious
Transaction Report (STI) was
forwarded by the intelligence unit of
the commission to his department for
investigation.
Adebayo told the court that his
department was mandated to
investigate some huge amount running
through the account of the accused and
his three companies.
Based on the development, the witness
said his department swung into action
and wrote letters to the banks involved
and actually got a reply.
He also said some of the banks
indulged in cheque kitting to
perpetuate the crime.


Source: http//:www.dailyindependentnig.com/2014/11/huge-sums-detected-indians-accounts-efcc/

Hmmmmm! This is beyond human comprehension. People talking about billions as if it's millions. What were those banks thinking at first for such huge approval? How were those money moved from this country without security notice stopping such transactions as at that time if they feel it's a bad deal?

Nke a adikwam suprise anya

This guy just f**k up. He should have joined the bandwagon of president jonathan's praise singers. He would been pardoned and ask to go and sin no more. Though still not too late for him to do so anyway.