April 30, (THEWILL) — The Economic and Financial Crimes Commission (EFCC) has commenced investigation into the Managing Director of Paramount Energy Ltd. over an alleged N72.3 million fraud linked to a failed petroleum products supply deal.
The anti-graft agency said the suspect is being investigated for alleged obtaining by false pretence and stealing after a businessman accused him of collecting funds for the supply of petroleum products that were never delivered.
In a statement issued on Wednesday, EFCC spokesman, Dele Oyewale, disclosed that the suspect had already been questioned by investigators over the transaction.
According to the commission, the petitioner alleged that he paid N72.3 million to the suspect through Paramount Energy Ltd. for the supply of petroleum products to some of his business outlets.
The EFCC explained that the money was allegedly paid in six instalments between April 11 and May 24, 2022, following assurances from the company that the products would be supplied as agreed.
However, after receiving the payments, the suspect allegedly failed to deliver the petroleum products and continued making promises to the complainant without fulfilling the agreement.
The petitioner was quoted in the statement as saying: “After he collected the money, he kept promising to supply the products as agreed but failed to do so which then prompted preliminary investigations.
“We discovered that the suspect and his company do not have the capacity to supply the products and he deliberately defrauded us of our business capital.”
The EFCC said preliminary findings indicated that the funds were paid into the account of Paramount Energy Ltd. before they were allegedly transferred into the suspect’s personal account for private use.
Investigators are currently examining the financial transactions connected to the case as part of efforts to establish the full circumstances surrounding the alleged fraud.
The commission added that the suspect would be prosecuted upon the conclusion of investigations.
“He will be charged to court as soon as investigations are concluded,” Oyewale stated.
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