Perpetrators of N850m Bank PHB Fraud Arraigned by EFCC

MR.-OLAJIDE-OSHODI-LEFT-AND-MR.-ASHOK-ISRAN-LEAVING-THE-COURT

On Wednesday the 8^th of August 2012, the Economic and Financial Crimes Commission prosecuted an Indian of Swiss nationality,

three officials of former Bank PHB, Bank PHB itself now known as Keystone Bank Plc, and Nulec Industries Limited on a two-count

charge of conspiracy to obtain by false pretence before Justice HabeebAbiru of the Lagos High Court, Ikeja.

The total of six defendants purportedly conned a Nigerian individual representing Dozzy Oil and Gas Ltd of N855,000,000.00 in June

2008. While the scam was based on the six defendants collecting the defrauded sum from the Dozzy oil representative for payment of

preference shares of Nulec Industries in an upcoming false initial public offering (IPO), the two counts officially charged against them

were conspiracy to obtain by false pretence and obtaining money by false pretence under sections 8(a) and 1(3) of the Advance Fee

Fraud and Other Related Offences Act No. 14 of 2006; and Section 1(1) (a) of the same act.

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