N1.6 billion Union Bank Fraud: FCID Files Charge Against Five Suspects

Federal Criminal Investigation Department of the Nigerian Police Force FCID Alagbon Ikoyi-Lagos south west Nigeria has filed three count charge of conspiracy and stealing of N1,626,139,795,12k belonging to Union bank of Nigeria Plc against five suspects, a Nigerian Mrs Obiageli Inuwa, four indian collaborators, namely, NIGLI KEVIN, SUNIL KUMAR HARI PRASAD, VOODI SUMAPRAKAS, and DHANUKA SUNIL KUMAR.

The filing of the charge,was necessitated by a petition, written by the law firm of Anoka & Associate on behalf of Union bank of Nigeria Plc to the office of the Inspector General Police complaining of fraud of N1,626,139,795.12

    In the said petition,it was alleged that

Bharat Ventures Limited and Triton Aqua Limited are sister companies registered in Nigeria for the purpose of importing frozen fish into Nigeria,Sometime in December 2017, Bharat Ventures Limited through her Directors applied and were availed an Overdraft credit facility of the sum of (One Hundred Million Naira only) by Union bank Plc

      By the terms of the overdraft facility,the repayment of the credit facility as agreed was to flow from the sales/proceeds generated from the company’s operations.

The said Directors of the sister company also applied and obtained an overdraft facility of the sum of N100,000,000.00 (One Hundred Million Naira Only) for the purpose of purchasing feed and fingerlings for local production of fish.

    As security for the Credit facilities, the Directors of Bharat Ventures Limited and Triton Aqua Africa Limited executed an All Asset Debenture over the Companies assets located at their operation sites at Kaduna, Oyo, Port Harcourt and Lagos.

EXTENSION  OF CREDIT FACILITY

      In course of Banker and Customer relationship within the tenor of the credit facilities granted to the Companies,The Directors of the Companies approached UNION BANK and requested for further credit facilities by way of extension of the existing credit facilities. 

    In furtherance of the Companies request, UNION BANK granted additional sum of N600,000,000.00 (Six Hundred Million Naira Only) to Triton Aqua Limited vide offer letter dated 05 August 2019 and the additional sum of N1,081,290,000.00 (One Billion Eighty One Million Two Hundred and Ninety

Thousand Naira Only) vide credit offer letter dated 02 August 2019 to Bharat Ventures Limited.

    Bharat Ventures Limited indebtedness to the bank stands at the sum of N1 149,154,719.48 ( One Billion One Hundred and Forty Nine Million One Hundred and Fifty Four Thousand Seven Hundred and Nineteen Naira Forty Eight Kobo Only) as at 29th August 2019 and Triton Aqua Africa Limited is to the bank in the sum of N476,985,075.64 (Four Hundred and Seventy Million, Nine Hundred and Eighty Five Thousand, Seventy Five Naira Sixty Four Only) as at 29 August 2019. 

     The Companies total indebtedness to the bank as at 29 August 2019 stood at the sum of NI,626, 139,795.12(One Billion, Six one hundred Forty Nine million one hundred and fifty four Thousand, seven hundred and nineteen kobo only) as at 29th August 2019 and Triton Aqua Africa Limited is indebted to the bank in the sum of N476,985,075.64(Four hundred and seventy six million nine hundred and Eighty five thousand, Seventy five Naira Sixty four kobo only) as at 29thAugust,2019.

   The total indebtedness to the bank as at 29thAugust 2019 stood at the sum of N1,626,139,795.12 (One Billion,Six hundred and twenty six Million,one hundred and thirty nine thousand seven hundred and ninety five Naira,Twelve kobo Only)

As part of measures to ensure that the proceeds of the fish, feeds and fingerlings for the repayment of the credit facilities, it was agreed by parties that stock monitoring agent shall be assigned to the companies business premises and in furtherance of that “Storing Limited” was appointed to monitor the sales at the companies business premises situate at 49 Apapa/ Oshodi Expressway,Ijesha -Tedo,Lagos.

   However the bank was shocked to discover on 20th of August,2019 that all the fishes and fish products stocked in the Company’s business premises in Lagos has been diverted away from the Companies Business Premises situate at Apapa, it was same position with other warehouses in Port Harcourt, Ibadan and Kaduna. Upon enquires, it was discovered that the Companies management has ILLEGALLY, FRAUDULENTLY and CRIMINALLY removed all their products from the site and eloped to India. 

      Further private investigation by Union bank, revealed that the Directors of the Companies Mr. Varghese Mathew, Mr. Kelvin Nigli, Mr. Yashpal Jain, Mr. Vijay Mastakar (Indians) and Mrs. Obiageli Inuwa (Nigeria) have absconded from Nigeria and eloped to India with the depositors’ fund.

    Despite all great efforts made to reach the Companies’ Directors have proved abortive and the bank is convinced that their actions were premeditated and a grand deception from the beginning, calculated to defraud the Bank of its shareholders’ funds.

     This foregoing attitude of the Companies’ Directors is a well calculated plan to rip off the Bank’s depositors’ and shareholders funds which were advanced to the Companies in the belief that the facilities,  would be utilized for the prescribed purpose and repayment made as agreed in good faith

       Consequently, the bank requested for the lawful intervention of the Inspector General of Police in the matter to ensure that the funds are recovered, as the bank is confident in the ability of the interpol to be above board and do justice in this case by pulling out all the stops,not only in ensuring an impartial and painstaking investigation into the substance of this petition but also in making sure the culprits are made to face the justice for their criminal/fraudulent actions so as to serve as deterrent to those whose stock-in-trade is to hide  under the guise of banker/customer relationship to commit all kinds of fraud and financial malpractices. The bank request include but not limited to:

  1.Placement of all the directors on RED ALERT/NOTICE to ensure they account for the injustice meted out to the bank

ii.Sealing up the Companies business premises to forestall further stealing of products and recovering the remaining products located at

49 Apapa/Oshodi Expressway, Ijesha–tedo, Lagos;

71 Ordinance Road, Trans Amadi Layout, Port Harcourt;

27 inuwa Abdukadir Road, Kakuri Industrial Layout, Kaduna;

Fish farm at Gambari Forest Reserve, Ogunmakin village, Oluyole

Local Government,|Oyo State.

iii. An Order freezing the bank accounts of the Companies and their Directors:in all the commercial banks in Nigeria.

It is our belief that the above steps will forestall further damages to the bank’s interest in the above transaction.

      The bank is willing and ready to supply further information and documents, which can be used for the investigation and prosecution of this complaint, upon request by the Police.

    In consideration that our company is located here in Lagos and as well as the

Bank officials and the company’s main offices, we humbly request that the investigation be assigned to the INTERPOL ANNEX CLOSE, FORCE IKOYI, LAGOS CRIMINAL INVESTIGATION DEPARTMENT ANNEX, ALAGBON CLOSE for proximity and logistics sake.

The three count charge signed and filed before a Federal high court,Ikoyi-Lagos by Police Legal Officer Barrister Oladiran Ayodele, after the conclusion of Police investigation.

COUNT I:

 That you (1)OBIAGELI INUWA’F’,

(2)NIGLI KEVIN “M”

(3) SUNIL KUMAR HARI PRASAD’M’,

 (4) VOODI SUMAPRAKASH ‘M’, 

(5) DHANUKA SUNIL KUMAR and others now. at large sometimes between the months of December 2017 – August 2019 in Lagos, within the jurisdiction of this Honorable Court did conspired amongst yourselves to commit felony to with Obtaining Money by False Pretense and thereby committed an offence contrary to section 8(a) of the Advance Fee Fraud and other related offences Act, 2006 and punishable under section 1(3) of the same Act.

COUNT II:

 That you (1)OBIAGELI INUWA ‘F’, (2)NIGLI KEVE”M”

(3) SUNIL KUMAR HARI PRASAD ‘M’, 

(4) VOODI SUMAPRAKASH ‘M’, 

(5) DHANUKA SUNIL KUMAR and others now at large on the same date, time and place, obtained and in the aforementioned judicial Division of this honourable court did obtain the sum of One Billion, six Hundred and Twenty Six Million, One Hundred and Thirty Nine Thousand, Seven Hundred and Ninety Five Naira, Twelve Kobo (N1,626,139,795:12k) from UNION BANK OF NIGERIA PLC, and thereby committed an offence contrary to section 1(a), (c) & 1(2) and punishable under section 1 (3) of the Advance Fee Fraud and other Fraud Related Offences Act No. 14 of 2006.

COUNT III:

That you (1) OBIAGELI INUWA ‘F’, (2) NIGLI KEVIN ‘M’,

(3) SUNIL KUMAR HARI PRASAD ‘M’,

 (4) VOODI SUMAPRAKASH ‘M’, 

(5) DHANUKA SUNIL KUMAR and others now at large on the same date, time and place, and in the aforementioned judicial division of this Honorable Court did steal the sum of One Billion, Six Hundred and Twenty Six Million, One Hundred and Thirty Nine Thousand, Seven Hundred and Ninety Five Naira, Twelve Kobo (N1,626,139,795:12k) from UNION BANK OF NIGERIA PLC and thereby committed an offence contrary to and punishable under section 390 (a) of the Criminal Code Cap C38 Laws of the Federation of Nigeria 2004.