POLICE ARRAIGN EIGHT OVER ALLEGED N710M PROOF-OF-FUNDS FRAUD, RECOVER VEHICLES, LAND
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By Aishat Momoh. O.
The Police Special Fraud Unit (PSFU), Lagos, has arraigned eight suspects before the Federal High Court, Lagos Judicial Division, over an alleged ₦710 million proof-of-funds fraud involving funds placed under a Post-No-Debit (PND) restriction.
The suspects are Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome.
According to the PSFU, the defendants were arraigned on a 12-count charge following an investigation initiated after a petition was submitted to the Commissioner of Police over the alleged fraudulent disbursement of ₦710 million placed under PND restrictions across eight designated accounts.
The investigation reportedly revealed that Emmanuel Obinyan Osenonome, a banker and Senior Relationship Officer, allegedly conspired with Emmanuel Egharevba to obtain the cooperation and personal identification details of other individuals.
The information was allegedly used to facilitate the opening of accounts through which the suspected proceeds of the crime were laundered.
The unit said a forensic analysis conducted by its Corporate and Public Accounts Fraud Section traced significant movements of the funds to accounts linked to individuals connected with the principal suspect.
Those identified included Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, a sibling of Emmanuel Obinyan, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, the wife of Emmanuel Obinyan.
Further investigations allegedly revealed the use of forged or disputed proof-of-funds documents, indemnity documents and PND-related documents in carrying out the scheme.
The PSFU also said its investigators identified assets suspected to have been acquired with proceeds of the alleged fraud.
The assets reportedly include a 2020 Lexus RX 350 valued at ₦25 million, two Toyota Camry vehicles valued at ₦8 million each, and a plot of land in Magodo Phase I, Lagos, reportedly purchased for ₦40 million.
The unit further disclosed that part of the suspected proceeds was allegedly used to meet personal financial obligations, fund gambling activities, invest ₦40 million in CIBEX trading and establish and operate a spa and beauty business furnished at a reported cost of about ₦60 million.
The Commissioner of Police, PSFU, CP Eloho Edwin Okpoziakpo, reaffirmed the unit’s commitment to conducting thorough, professional and evidence-based investigations, particularly in cases involving complex financial transactions and the suspected abuse of banking processes.
He said the unit would continue to pursue financial crimes through lawful investigative procedures, ensuring that relevant evidence was properly obtained, documented and presented before a court of competent jurisdiction.
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