EFCC PRESS RELEASE
EFCC Arraigns Man for N62m Fraud
The Economic and Financial Crimes Commission, EFCC, Ibadan Zonal Office, on January 15, 2019 arraigned one Isaac Arabambi along with his company, Heroes Investment Company Limited before Justice Joyce Abdulmalik of the Federal High Court, Ibadan, Oyo State, on an 11-count charge bordering on unauthorized operation of a financial institution and obtaining the sum of N62,326,250.60 (Sixty Two Million, Three Hundred and Twenty Six Thousand, Two Hundred and Fifty Naira, Sixty Kobo) only by false pretence.
One of the counts reads: “That you Isaac Arabambi between on or about October 13, 2008 at Ibadan within the Ibadan Jurisdiction of this Honourable Court, without a valid licence from Central Bank of Nigeria and other relevant authorities, operates a Financial Institution to wit: Horoes Investments Company Limited and thereby committed an offence contrary to section 58 (1) of Banks and Other Financial Institutions Act, Cap B3, Laws of the Federation of Nigeria, 2004 and punishable under section 59(6) of the same Act”.
Another count reads: “That you Isaac Arabambi and Heroes Investment Limited between November 11, 2014 and December 31, 2014 at Ibadan within the Ibadan jurisdiction of this Honourable Court with intent to defraud, obtained the sum of N9,035,000 (Nine Million and Thirty-Five Thousand Naira) only through Bank of America from one Faloye Elizabeth Bunmi by falsely representing that the money would be invested in her Borrowed Fund Account domiciled with you, which representation you knew to be false and thereby committed an offence contrary to Section 1(1)(a)and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006”.
The defendant, however, pleaded “not guilty” to the 11-count charge.
Prosecuting counsel, Mabas Mabur, thereafter applied for a trial date and prayed the Court to remand the defendant in prison custody.
Defence counsel, Kazeem Olaniyan however, moved an oral application for the bail of his client, arguing that “the defendant is brought on charges that are bailable”.
After listening to the arguments, Justice Abdulmalik, ordered Olaniyan to file a formal application for bail on the grounds that “this is a court of record and there is no application before the court”.
The trial judge, thereafter, adjourned the matter to February 7, 2019 for “hearing” of bail application, and ordered the defendant be remanded in Agodi Prison.