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Court, banker

A banker, Emmanuel Obinyan Osenonome, and seven other defendants have been arraigned before the Federal High Court in Lagos over an alleged ₦710 million fraud involving funds reportedly released from eight blocked bank accounts.

The Police Special Fraud Unit brought the defendants before the court following investigations into the alleged transactions, which the police said involved the use of other people’s personal details and disputed banking documents to access the funds.

The Commissioner of Police, Special Fraud Unit, Eloho Edwin Okpoziakpo, disclosed that the suspects allegedly facilitated the release of the money from the eight accounts despite their blocked status.

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According to the police, investigators are also tracing assets suspected to be connected to the alleged fraud as efforts continue to establish the circumstances surrounding the transactions and the roles of the defendants.

Among the assets reportedly identified during the investigation is a 2020 Lexus RX 350 valued at ₦25 million.

The police also said investigators traced a parcel of land in Magodo Phase I, Lagos, reportedly purchased for ₦40 million.

The identification of the assets forms part of the ongoing investigation into the alleged financial transactions, although the available information does not establish whether the properties have been formally forfeited or whether the court has made any determination concerning their ownership.

The police said the investigation remained ongoing, with further inquiries expected to clarify how the funds were accessed and whether other individuals or assets were connected to the alleged scheme.

The arraignment marks a legal step in the case, but the allegations against the defendants remain to be tested in court.

Under Nigerian law, the defendants are presumed innocent until proven guilty by a court of competent jurisdiction.

The case also draws attention to the risks associated with unauthorised access to blocked bank accounts and the use of disputed documentation in financial transactions.

Blocked accounts are generally subject to restrictions imposed by banks or relevant authorities, and any attempt to release funds from such accounts may require scrutiny of the authorisation and documentation supporting the transaction.

However, the precise circumstances that led to the blocking of the eight accounts, the identities of the account holders and the individual roles allegedly played by each defendant were not detailed in the information available.

Further proceedings are expected to clarify the allegations, the evidence presented by the prosecution and the responses of the defendants.

The Police Special Fraud Unit has yet to conclude its investigation, while the court process will determine the legal outcome of the charges against the banker and the seven other defendants.

The Traffic NG
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Falaye Tomiwa
The Traffic NG

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