The Special Fraud Squad Unit of the Nigeria Police in Lagos has arraigned Sabo Jimeta and Silas Mshelia for fraud, conspiracy and diversion of N800 million.
They were arraigned on three-count charges of conspiracy, fraud and the unlawful conversation alongside a company, Jitau Investment Limited, ASHENEWS gathered.
The prosecutor, Emmanuel Jackson who led Justin Enang, said that the defendant alongside Albert Atiwurcha, Nandan Ezekiel and J&J Holding Villa Limited, now at large, conspired to commit the offenses.
Jackson told Justice Nicholas Oweibo that the defendant, with an intent to defraud, conspired and fraudulently sold off a property at 3 Bunu Sheriff Crescent, Katampe Extension, Abuja, belonging to one Babazango Abubakar, a businessman and politician, at N800 million.
According to the prosecutor, upon selling off the property, the defendants diverted the proceeds into two bank accounts, Union Bank Plc account number 0041529275, belonging to Jitau Investment Limited, and Zenith Bank Plc account number 1016265443, belonging to J and J Holding Villa Limited, which are both different from the one nominated by the owner of the property, Babazango.
The prosecutor said the offences committed contravened sections 1(3) and 1(i)(a) and of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006 and Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012.
The defendants pleaded not guilty to the charges against them.
Following their plea, the defendants’ lawyers, Kyari Gadzama’s (SAN); Kole Bello, and J. W. Dong, told the court that their clients’ bail applications had been filed and served on the prosecution.
While moving the bail applications, Gadzama, urged the court to admit his client to bail in the most liberal terms, and that the court should also grant him bail on self-recognisance.
Counsel for the second defendant aligned himself with Gadzama’s submissions.
The prosecutor, however, opposed the bail applications.
In a short ruling on the bail application, Justice Oweibo admitted the defendants to bail in the sum of N500 million, each with one surety in like sum.
Justice Oweibo, who adjourned the matter till June 21 for trial, ordered that the defendants be remanded in the custody of the SFU till they perfect their bail conditions.
