Banking

N26.6bn Fraud: EFCC arraigns ex-bank director, Adenmosun

The Economic and Financial Crimes Commission (EFCC) has arraigned a former Director of Bank PHB (now Keystone), Funmi Adenmosun, before Justice Daniel Osiagor of a Federal High Court in Lagos over alleged N26.6 billion fraud.

Adenmosun was arraigned on Friday alongside his company, Home Trust Savings and Loan limited and a private company, Rare Properties and Development Limited on a 10-count charge bordering on conspiracy, money laundering and fraudulent conversion of proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.

Upon the reading of the charge, the defendants denied the alleged offence, following which the EFCC’s lawyer, Rotimi Oyedepo, requested for a trial date and urged the court to remand Adenmosun in custody of the Nigerian Correctional Services (NCoS), till the determination of the charge.

In his reaction, defence lawyer, Wale Adesokan (SAN), informed the court that a bail motion dated January 13, 2022, has been filed on behalf of his client and same has been served on the prosecution.

The silk urged the court to hand over Adenmosun to him, assuring the court that he would always attend to his case.

But, Justice Osiagor refused the silk’s request and admitted Adenmosun to bail in the sum of N250 million with two sureties.

According to the judge, one of the sureties must be a grade level 15 officer in either federal or state ministry, while the other surety must be a blood relation of the defendant and a property owner within the jurisdiction.

The court further directed that he should be remanded in EFCC custody pending the perfection of his bail application.

Further hearing in the matter has been adjourned to February 24.

The charge against the defendants reads: “That you, Funmi Adenmosun and Home Trust Savings and Loan Limited and Rare Properties and Development Limited sometimes in 2007 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to convert the total sum of N26.6 billion which sum you reasonably ought to have known forms part of proceeds of fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 18 tab of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (2) (b) of the same Art

“That you Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the 8th day of November, 2007, in Lagos within the Jurisdiction of this Honourable Court indirectly transferred the sum of N450 million to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.”

TheStar