An India-born Canadian, Santosh Singh and a Nigerian, Olakunle Bello Shola, who were alleged to have defrauded a bank of the sum of over one hundred million naira, have been admitted to bail in the sum of five million naira with two sureties by a Federal High Court, Lagos.
The defendant were arraigned before Justice Oluremi Oguntoyinbo led-court, last Monday, by the men of Police Special Fraud Unit, PSFU, Ikoyi-Lagos, on one count charge of fraud.
The judge ordered that the sureties must submit their letter of employment and a recommendations letter from their Head of Department, in case of Civil Servant. And that the second surety must submit the original copy of Certificate of Occupancy (C of O).
Justice Oguntoyinbo also ordered the Indian-born Canadian to obtain a letter of undertaken from Indian and Canada consulates, indicating that he would not travel out of Nigeria during the pendency of the charge against him.
Arraigning the defendants before the court, last Monday, the prosecutor, Mr. Azuibuike, had told the court that the defendants and one Vivek Bansal, now at large, defrauded the bank of the said amount through their company, Thramaseed Inpex Limited.
To commit the alleged act, Azubuike told the court that defendants induced the bank represented by a collateral agent, named Continental Logistics Limited, to confer a benefit to them by transferring 240 metric tonnes of sesame seed and 44.9 metric tonnes of Cashew nuts, to be stored in Kano and Lagos Warehouses, under false pretence that they have the bank’s authority to release the commodities.
The defendants pleaded not guilty to the charge.
