A Canada based Nigerian, Joseph Ifeanyichukwu, has been remanded in the custody on the Police Special Fraud Unit (PSFU), over alleged fraud of N360 million USD, by a Lagos Federal High Court.
Justice Daniel Osiagor, who presided over the court, ordered the remand of the Canada returnee, after he pleaded guilty to the charges of alleged conspiracy, obtaining by false pretence and fraud of the N360 million, preferred against him by the men of PSFU, Ikoyi, Lagos.
Before his arraignment on Friday, the prosecutor, Mr. Emmanuel Jackson, a Chief Superintendent of Police (CSP) the headed of PSFU’s Legal Department, informed the court that the defendant has been on the run since 2016, when he committed alleged crimes.
CSP Jackson informed the court the the defendant, who had turned down all police invitations, was apprehended at the Murtala Muhammed International Airport, Ikeja, Lagos, by the police when he returned to the country to attend a friend’s marriage ceremony.
Arraigning the defendant in a charge marked FHC/L/484c/22, the prosecutor told the court that the defendant alongside his companies, Paradox-akachi Company Ltd and Paradox Group Inc and the dou of Samuel Edu-El and Samuel Kanu, who were said to be at large, sometimes in 2016, conspired among themselves and fraudulenty obtained the sum of N360 million, from one Ese Avanoma, of Brade Consulting Limited.
The prosecutor told the court that the defendant and others collected the money with false pretence of exchange and sell the sum of $1.7 million USD for the Naira equivalent.
Adding that upon receiving the $1.7 million, the defendant and others now at large, converted same to their personal used and disappeared Into tiny air.
CSP Jackson informed the court that the offences committed by the defendant, contravened Sections 8(a) and 1(1)(a) and punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006. And Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as Amended in 2012.
Upon the plea of not guilty by the defendant to the charges, the prosecutor asked the court for trial date, and also urged the court to remand him in the Nigerian Correctional Services (NCoS) custody, till the determination of the charges against him.
However, Barrister Bassey Akpan, in applying for his client’s bail, informed the court that application for such has been filed and same has been served on the prosecution. He urged the court to admit his client to bail in the most liberal terms.
The prosecutor admitted been served with the application, and told the court that since bail is at court’s discretion, he is unopposed to it. But urged the court to impose terms that will ensure the defendant’s appearance in court till the determination of the charges.
Ruling on the counsel’s submissions, Justice Osiagor admitted bail to the defendant in the sum of N50 million with one surety in the like sum.
Justice Osiagor also ordered that the surety must be residing with the court’s jurisdiction and must also be an owner of a developed landed property with title documents. Adding that the surety must produce evidence of three years tax. And that the defendant must deposit his traveling documents with the court’s Deputy Chief Registrar (DCR).
The judge, while adjourning the matter till October 27, for trial, ordered that the defendant be remanded in PSFU’s custody till the perfection of the bail terms.
Charges Against The Defendant Read; “That you, Joseph Ifeanyichukwu ‘m’, Paradox-akachi Company Ltd, Mr. Samuel Edu El ‘m’ and Samuel Kanu ‘m now at large, sometime in August, 2016 in Lagos, within the jurisdiction of the Federal High Court, while operating under the name and e of Paradox-akachi Company Ltd/Paradox Group Inc., did conspire amongst yourselves and others now at large to commit felony to wit: obtaining the sum of N360 million (Three Hundred and Sixty on Naira) property of Brade Consulting Limited, by False Pretences and thereby committed an Offence Contrary to Section 8(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.
“That you Joseph Ifeanyichukwu ‘m’, Paradox-akachi Company Ltd, Mr. Samuel Edu El ‘m’ and Samuel Kanu ‘m both now at large, sometime in August, 2016 in Lagos, within the Jurisdiction of the Federal High Court while operating under the name and Style of Paradox-akachi Company Ltd/Paradox Group In.c, by false pretence and with intent to defraud, obtained the sum of N360 million (Three Hundred and Sixty Million Naira) from Ese Avanoma m’ property of Brade Consulting Limited, by falsely representing to him that your company was into Bureau-De-Change business with capacity to exchange the sum of $1.7million USD for the Naira equivalent which you said was available in your custody for sale to him as soon as he credited your account with the sum of N360million, representations you knew to be false or did not believe to be true or which you made recklessly and thereby committed an Offence Contrary to Section 1(1)(a) and Punishable Under Section 1(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.
“That you Joseph Ifeanyichukwu ‘m’, Paradox-akachi Company Ltd, Mr. Samuel Edu El ‘m’ and Samuel Kanu ‘m’ both now at large, sometimes in August, 2016 in Lagos, within the Jurisdiction of this Honourable Court, did convert to your own use and benefit the sum of N360 million (Three Hundred and Sixty Million Naira), property of Brade Consulting Limited, which sum you knew or reasonably ought to have known, was the proceed of an unlawful act, to wit: obtaining money by false pretences from Ese Avanoma of Brade Consulting Limited, Lagos and thereby committed an Offence, punishable under Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as Amended in 2012.”
