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N32b Fraud: Fernandez's Trial Begins
Posted: May 16, 2009

The testimony of an operative of the Economic and Financial Crimes Commission (EFCC),
Adebayo Oluwsegun, on Thursday opened the trial of a Nigerian-based Indian businessman,
Patrick Fernandez, over alleged money laundering and financial crime to the tune of N32
billion. The EFCC is prosecuting Fernandez before Justice Ramat Mohammed of the Federal
High Court in Lagos.

While being led in evidence in chief by lawyer to the EFCC, Rotimi Jacobs, the witness, who
said his schedule of work included investigation of economic and financial crimes, said
sometime in February 2008, a Suspicious Transaction Report (STI) was forwarded by the
intelligence unit of the commission to his department for investigation. Adebayo told the
court that his department was mandated to investigate some huge amount running through
the account of the accused and his three companies. Based on the development, the
witness said his department swung into action and wrote letters to the banks involved and
actually got a reply.

His words: "With the reply, we discovered actually that huge amount were in the accounts
and based on this, we invited officials of the banks and conducted interview for them. "During
the interview, we were informed that the huge amounts were loan applied for by the accused.
On further investigation, we discovered that the banks did not follow the actual due process
in giving out loans to the accused person," Adebayo said. He added: "If someone applies for
a loan, there has to be an application by the person and an offer by the bank, but in this
case, there were none forwarded by the bank when we asked."
He also said some of the banks indulged in cheque kitting to perpetuate the crime.The
matter has been adjourned to June 17 for continuation of hearing. The anti-graft agency had
brought the accused to court on a 56-count charge that bordered on alleged attempt to
defraud some commercial banks and money laundering of about N32 billion.

The accused was also arraigned with three firms - Joseann Global Resources Limited, Pet
Prime Impex Limited and Pet Ferns Nigeria Limited - that are allegedly linked with him.

source:EFCC