Emmanuel Obinyan Osenonome, a banker and Senior Relationship Officer, and seven others have been arraigned before the Federal High Court in Lagos over an alleged N710 million proof-of-funds fraud involving restricted bank accounts and suspected money laundering.
The defendants — Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome — are facing a 12-count charge.
The Police Special Fraud Unit (PSFU), Lagos, disclosed this in a statement signed by its Public Relations Officer, DSP Ovie Kenneth Ewhubare, on Wednesday.
According to the police, the case followed a petition to the Commissioner of Police over the alleged fraudulent disbursement of N710 million placed under Post-No-Debit (PND) restrictions across eight designated bank accounts.
Investigators alleged that Osenonome conspired with Egharevba Emmanuel to obtain the cooperation and personal identification details of other individuals to facilitate the opening of accounts suspected to have been used to launder the alleged proceeds.
A forensic analysis by the PSFU’s Corporate and Public Accounts Fraud Section reportedly traced substantial movements of the suspected funds to accounts linked to people allegedly connected with the principal suspect.
Those identified included Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, said to be Osenonome’s sibling, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, identified as Osenonome’s wife.
The police further alleged that forged or disputed proof-of-funds, indemnity and Post-No-Debit documents were used to facilitate the transactions.
LUXURY CARS, MAGODO LAND TRACED
Investigators also identified assets suspected to have been acquired with proceeds of the alleged fraud.
They included a 2020 Lexus RX 350 valued at N25 million, two Toyota Camry cars valued at N8 million each and a plot of land in Magodo Phase I, Lagos, reportedly purchased for N40 million.
The probe further allegedly uncovered the use of part of the suspected proceeds to settle personal financial obligations, fund gambling activities and invest N40 million in CIBEX trading.
The police also alleged that a spa and beauty business was established and operated with suspected proceeds of the fraud, with about N60 million reportedly spent on furnishing the business.
The Commissioner of Police, PSFU, CP Eloho Edwin Okpoziakpo, reaffirmed the unit’s commitment to thorough, professional and evidence-based investigations into complex financial transactions and suspected abuse of banking processes.
He said the unit would continue to pursue financial crimes through lawful procedures and ensure that evidence was properly obtained, documented and presented before a competent court.
The allegations are yet to be established in court.
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