N36 BILLION FRAUD: EFCC SLAMS 56 COUNTS CHARGES ON INDIAN BIZMAN

The Economic and Financial Crimes Commission, EFCC, on Friday, slammed a 56 count charge on a Nigeria-based Indian businessman, Mr. Patrick Fernandez, over his involvement in a N32 billion money laundering scam. EFCC counsel, Mr. Rotimi Jacobs, leading two other lawyers, told Justice Ahmed Ramat Mohammed of the Federal High Court, Lagos that the offences for which Fernandez was arraigned, were grave. Fernandez, however, pleaded “not guilty” to all the charges preferred against him.

Fernandez, working in concert with some un-named Nigerians and Nigerian- registered companies: Joseann Global Resources Limited, Pet Prime Impex Limited and Pet Ferns Nig. Limited and four major banks in the country, at several times, laundered money suspected to be proceeds of criminality. He did this through “cheque kitting, suppression, swap and round tripping.” The four banks involved are Intercontinental Bank, Afribank, Zenith bank and Wema bank.

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One of the charges against the accused persons reads thus: “ That you Patrick S. Fernandez, Joseann Global Resources Limited, Pet Prime Impex Limited; Pet Ferns Nig. Ltd and Pramila Fernandez ( now at Large) John Ogidi ( now at large) between November 2007 and February 2008, within the jurisdiction of this Honourable Court did conspire to commit an offence to wit: laundering of 32, 000,000, 000.00( Thirty –two Billion Naira) through cheque kitting , suppression, swap or round tripping and you hereby committed an offence contrary to section 17 and punishable under section 14(1) of the Money Laundering ( Prohibition) Act 2004”

In a court session that was sparsely attended, Fernandez looked defiant and all his responses to the charge were quick, sharp and short. His counsel, Mr. Obinna Okoli made an oral application for his bail. He hinged his application on the ground that Fernandez had many well-meaning Nigerians who would be ready to stand as his sureties and that “he has some medical issues”. Okoli did not specify the kind of medical issues his client had.

In response, Rotimi Jacobs pleaded with the judge to insist on a written application for bail owing to the seriousness of the charge being pressed against Fernandez, coupled with the fact that he is not a Nigerian as well as the proof of evidence against him. The judge assented to Jacob’s plea and ruled that his application for bail should be in writing. He also ruled that the specific medical issues Fernandez had should be explained and with enough evidence.

Justice Mohammed adjourned sitting till November 14 and ordered that Fernandez be remanded in EFCC’s custody.