Indian Businessman, bankers Jailed Five Years Each for N855m Fraud

An Indian businessman, Ashok Israni, two top bankers, Anayo Nwosu and Olajide Oshodi, and NULEC Industries have been convicted and sentenced to five years imprisonment by a Lagos High Court for a fraud of N855 million.
NULEC belongs to Keystone Bank and the Indian. The convicted bankers were with Bank PHB (now Keystone Bank).
The convicts alongside one Sunny Obazee were re-arraigned on October 4, 2016 By the Economic and Financial Crimes Commission (EFCC) on an amended 15-count charge bordering on conspiracy and obtaining by false pretence to the tune of N855m.
One of the counts reads: “That you, Anayo Nwosu, Ashok Israni, Olajide Oshodi, Sunny Obazee, Bank PHB Plc/Keystone Bank Ltd and NULEC Industries Limited, between 14 July and 31st July, 2008, in Lagos within the jurisdiction of this Honourable Court, did fraudulently convert to your use the sum of N285, 000, 000.00 (Two Hundred and Eighty-Five Million Naira) being the property of Dozzy Oil and Gas Ltd, when you credited the account of NULEC with the said sum to defray its debt owed to Bank PHB Plc as against paying the sum into the Private Placement Account of NULEC, which sum was to be used as payment for the purchase of shares of NULEC Industries Limited under a Private Placement.”
Another count reads: “That you, Anayo Nwosu, Ashok Israni, Olajide Oshodi, Sunny Obazee, Bank PHB Plc/Keystone Bank Ltd and NULEC Industries Limited, sometime in 2008 within the jurisdiction of this Honourable Court, with intent to defraud, obtained the sum of N855, 000, 000.00 (Eight Hundred and Fifty-Five Million Naira) from Dozzy Oil and Gas Ltd, on the false pretence that NULEC Industries Limited was in active profit making manufacturing and trading activities, thereby purporting same to be payment for the purchase of shares of the said NULEC Industries Limited under a Private Placement.”

 
The defendants, however, pleaded not guilty to the charge preferred against by them by the EFCC, thereby leading to their full trial.

During the course of the trial, the prosecution counsel, Rotimi Jacobs, SAN, presented witnesses and tendered several documents that were admitted in evidence by the court.
Delivering her judgment, Justice Kudirat Jose discharged and acquitted the fourth defendant, Obazee.
The Judge, however, convicted and sentenced the first, second and third defendants to five years imprisonment each on counts 1, 3, 4, 7, 9, 10 and 13 of stealing.
The companies were also ordered to pay a fine of N20m to the Federal Government on counts 1, 10 and 13.
The Jugde also ordered the convicts to restitute the sum of N395 million  to the victim of the fraud.