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Tuesday , 11 December 2018

EFCC recovers 116 cars, 20 landed properties for First bank over N11.4billion fraud

The Economic and Financial Crimes Commission (EFCC) yesterday  handed over 116  cars and 20  landed properties in Edo, Rivers and Lagos states recovered from Michael Obasuyi Osasogie to First Bank Plc.

Osasogie confessed to an N11.4billion fraud and sought a plea bargain.

Osagie created fraudulent and imaginary monies through the aid of Fundgate Financial Application.

The statement said: “Trouble began for Osasogie after a petition he wrote to the Commission against E-tranzact in March 2018.

“The Commission, however, investigated Osasogie’s business interests, following the receipt of a counter-petition written by E-tranzact against Osasogie and one of his companies, SmartMicro.“The defendant later opened an account with First Bank Plc and subsequently raised an overdraft from his fictitious microfinance bank for his account in the bank, which it ignorantly paid.”

“SmartMicro was said to have approached E-tranzact in 2012 for the deployment of bulk purchase solution called “Corporatepay” to facilitate payment of salaries of Delta State employees in microfinance banks.

“It was also alleged that e-tranzact configured an additional outbound fund transfer solution called ‘Fundgate’ in 2017, which required SmartMicro to maintain a pre-funded settlement account with First Bank Plc for settlement of account it had initiated.

Osasogie, said to be Philosophy graduate from the University of Lagos (UNILAG) was arraigned alongside his firms—Platinum Multi-Purpose Co-operative Society, SmartMicro Systems Limited and Platinum Smart Cruise Motors Limited — on May 24, 2018 before Justice Mojisola Dada of the  Special Offences Court sitting in Ikeja on a 14-count charge bordering on stealing N11, 498, 944, 038.29.

“The defendant later opened an account with First Bank Plc and subsequently raised an overdraft from his fictitious microfinance bank for his account in the bank, which it ignorantly paid.”

The witness had told the court that when e-tranzact disconnected from the chain, all the transactions carried out by the defendant collapsed on his own account with First Bank, thereby leading to the discovery of the fraud.

The sums of N2, 903,727,563.92, $37, 992.87 and €18,538.09 were recovered by the Commission from Osasogie’s  accounts in various banks.

The Commission also recovered 116 cars and 20 properties in Lagos, Abuja, Benin and Port Harcourt.

The prosecution counsel had, therefore, urged the court to convict the defendant on counts one to 14, according to the law.

The defendant later entered into a plea bargain. The prosecution counsel urged the court to consider the plea bargain entered into by the defendant on May 21, 2018 as judgment in his sentencing.

Counsel to the first and second defendant, Osasu Ogebor, had told the court that his clients went into a plea bargain to give out what does not belong to him.

 

About Younews Ng

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