A 43-year-old Canadian with Indian origin, Santosh Singh, and a Nigerian, Olakunle Bello Shola, have been arraigned before the Federal High Court, Lagos over alleged involvement in N100 million fraud.
They were docked before the court presided over by Justice Oluremi Oguntoyinbo by the Police Special Fraud Unit (PSFU), Ikoyi, Lagos.
Arraigning the defendants before the court, the prosecutor, Mr. Sylvester Azuibuike, told the court that the defendants and Vivek Bansal, now at large, allegedly conspired to defrauded a bank of the said amount through their company, Thramaseed Inpex Limited.
The prosecutor told the court that defendants induced the bank, represented by a collateral agent, Continental Logistics Limited, to confer a benefit to themselves by transferring 240 metric tonnes of sesame seed and 44.9 metric tonnes of cashew nuts, stored in Kano and Lagos warehouses, under false pretence.
The offence, according to Azuibuike, is contrary to Section 1 (2) of the Advanced Fee Fraud and Other Related Offences Act 2006 but punishable under Section 1 (3) of the same Act.
The defendants pleaded not guilty to the charge.
Following the defendants’ plea, the prosecutor asked the court for a trial date and urged the court to remand the defendants in prison till the determination of the charge against them.
However, the defence team led by Olalekan Ojo, a Senior Advocate of Nigeria (SAN), told the court that they have filed bail applications for their clients and same has been served on the prosecution.
They, therefore, urged the court to take their applications and admit their clients to bail in the most liberal terms.
The prosecutor admitted being served with the bail applications.
After moving of the defendants’ bail applications, Justice Oguntoyinbo, reserved ruling on it till November 4 and fixed December 11, for the commencement of the defendants’ trial.
Oguntoyinbo also ordered that the two defendants be remanded in prison.