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A Malaysian in Dock for Pulling €250m Fraud in Nigeria

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  • A Malaysian in Dock for Pulling €250m Fraud in Nigeria

The Economic and Financial Crimes Commission (EFCC) has arraigned a Malaysian national, Tan Ah Chai Richard, alongside his company, Coastal Asia Investment Limited for forgery and an attempt to obtain money by false pretence to the tune of €250,000,000.00.

The EFCC had filed a five-count charge against the suspect before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos.

One of the counts reads: “That you, Tan Ah Chai Richard, Coastal Asia Investments Limited and Dr. Sawang Jana (still at large), on or about the 27th September, 2018 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, conspired to commit felony to wit: forgery of Swift Telex Advice dated 27th September, 2018, indicating transfer of the sum of €250,000,000 to Coastal Asia Investments Limited account with Polaris Bank Plc (formerly Skye Bank Plc) from HSBC Bank Plc, London, United Kingdom.”

Another count reads: “That you, Tan Ah Chai Richard, Coastal Asia Investments Limited and Dr. Sawang Jana (still at large), on or about the 27th September, 2018 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, fraudulently used a false document to wit: a Swift Telex Advice dated 27th September, 2018, indicating transfer of the sum of €250,000,000.00 to Coastal Asia Investments Limited account with Polaris Bank Plc (formerly Skye Bank Plc), which you purported to be from HSBC Bank, London, United Kingdom by submitting the Swift Telex Advice to Chioma Omamegbe of Polaris Bank Plc (formerly Skye Bank Plc).”

The defendant, Tan Ah, however, pleaded not guilty to the charges preferred against him by the EFCC.

In view of his plea, Bashir M. Kamil, the prosecuting counsel, asked for a trial date and urged the court to remand the defendant in prison.

The defendant counsel, A.B. Onifade, pleaded with the court to remand the defendant in the EFCC custody.

Kamil, however, objected and explained that the EFCC facilities were already overcrowded.

Justice Dada, ordered Tan Ah to be remanded in Ikoyi Prison and adjourned the case to June 28, July 2 and 8, 2019.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya