A serial fraudster has been arrested by the EFCC after he duped a bank of over N3 billion.
A Lagos based business man, Samuel Joseph, who is the Managing Director of Vegefresh Company Limited, Rhema Doormart West Africa Limited, and Plywood and Chemicals Accessories, Samuel Joseph, is not finding it funny after he was picked up by the operatives of the anti-graft agency, Economic and Financial Crimes Commission, EFCC, after he allegedly defrauding an old generation bank of the sum of N3.8 billion in loans he secured.
According to the grant crime fighters, the suspect is alleged to have collected the sum of N3, 828,756,877.61 from the bank in tranches.
"He allegedly collected the sum of N2, 000, 000, 000 (Two Billion Naira only) in February 2012, as loan through Vegefresh Company Limited, ostensibly for the purpose of setting up a Tomato Processing Plant in Bauchi and Tomato Cannery in Badagry, Lagos, as well as Cassava factory in Ogun state.
Another N1.5 billion was released to him under the Commercial Agriculture Credit Scheme Facility (CACS), while N500 million was released as NEXIM Bank’s Rediscounting and Refinancing Facility (RFF), which accumulated to N3, 828,756,877.61 with interest.
The bank alleges that the suspect deliberately diverted the funds for purposes other than those intended as evidenced by inappropriate transfers made within and outside the bank.
The suspect is also alleged to have collected a property worth N400 million on lease from the bank, paid N100 million deposit and later demolished and sold the property before attempting to pay the balance of N300 million.
At the point of paying the balance, the new management of the bank smelt a rat and rejected the payment. The bank later discovered that the suspect paid the initial deposit from the N100 m loan he obtained from the same bank which he re-routed through accounts of companies that are his alter ego, back to the Bank’s Assets Disposal Account.
The original title to the property is still in the bank’s possession, raising questions as to how the suspect sold the property."